The last few months have been quite an ordeal for Elon Musk, where it seems that now everything he does goes wrong, or at least not as he would have liked. Since the purchase of Twitter, Musk has sought to monetize the platform, and while he has extended new features for it, the ones that already existed seem to be falling like paid advertising by companies, which according to the data has fallen by 79 million dollars due to the fact that more than half of the top 1,000 companies that pay for in-app advertising have stopped doing so.
Musk’s $44 billion purchase of Twitter in October generated a wave of impressions and reactions around the world.
One of the most highlighted aspects was the flight of thousands of users to other platforms to avoid having to put up with Musk’s questionable decisions, but they are not the only ones, since as the data reflects more than half of the platform’s top advertisers have stopped paying to have their ads appear.
According to data from CNNabout 625 of the top 1,000 Twitter advertiserssuch as Coca-Cola, Jeep or Wells Fargo, They have stopped investing money in advertising on the platform since the tycoon arrived.
This means that Twitter has lost around 60% of revenue generated by this source, going from about 128 million dollars to about 48 million dollars from October to January 25. A significant drop for the company, taking into account Musk’s efforts to make the app profitable and that it was the company’s main source of income.
The worrying thing is that the arrival of Musk has meant that a business that once generated more than 4,000 million dollars is now below 50, and it is mainly because of the fear and instability that Musk has given to the platform.
When asked, Wells Fargo explained that they had only decided to stop paid advertising on Twitter, even so, the company continues to promote itself through this channel and constantly publishes content to attract new customers. For its part, Twitter decided not to comment on what happened.
