Twitter's $5-B Business Collapses As Musk Battles Advertisers

Since Elon Musk took ownership of Twitter on Oct. 28, 50 out of the top 100 advertisers on the social media platform have pulled their ads, Media Matters has reported.

Photo Insert: Many, like Ford, Jeep and Chevrolet, have issued statements about their reasons for quitting as hate speech proliferated and conversations with Musk failed to satisfy concerns about content moderation.

These 50 companies spent a combined $750 million on Twitter ads in 2022, and $2 billion since 2020, the media watchdog reported, Hannah Murphy, Alex Barker and Arjun Neil Alim reported for the Financial Times.

Many, like Ford, Jeep and Chevrolet, have issued statements about their reasons for quitting as hate speech proliferated and conversations with Musk failed to satisfy concerns about content moderation.

Ford and GM were among the first to pause advertising, acting on Day 1 of Musk’s reign as hate speech and racial and antisemitic slurs went unchecked on Twitter.

Ford spokesman Said Deep told Forbes at the time: “We will continue to evaluate the direction of the platform under the new ownership.” Both automakers continue to engage with customers on the platform, however.

Media Matters also tracked advertisers who have “quietly quit” Twitter, without making a formal announcement, such as AT&T, Coca-Cola, Chanel and American Express.

On Nov. 4, Musk blasted activists for the “massive” advertising exodus. Jessica González, co-CEO of Free Press and an organizer of the “Save Twitter” campaign, said at the time that more than 60 organizations had agreed to stop their ads.

“We’re escalating our call to Twitter’s advertisers who make up 90% of the company’s revenue. These companies can stop their advertising from fueling intimidation, violence and pain,” she said at the time.

The Media Matters report is based on an analysis of Pathmatics data as of Nov. 21. Twitter no longer has a communications department that could comment on this report, but Reuters reported on Nov. 27 that Musk has bragged that new user signups to Twitter were at an “all-time high” as millions junk Musk’s social media platform.

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