Elon Musk Drives Away Advertisers Who Spend US$2 Billion on Twitter

At least 50 of Twitter’s top 100 clients have stopped buying advertising on the social network since Musk acquired the company

Twitter has lost customers who were bringing in hundreds of millions of dollars in advertising.
November 28, 2022 | 09:32 PM

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Bloomberg Línea — In addition to Apple Inc (AAPL), Twitter Inc (TWTR), which Elon Musk acquired a few weeks ago, stopped receiving advertising scores of customers.

In just a few weeks, 50 of the 100 largest advertisers on Twitter stopped buying advertising on the social network, according to a report by Media Matters.

Those advertisers, says Media Matters, have invested nearly US$2 billion in Twitter since 2020. So far in 2022, the amount in ad buys is US$750 million, the group said.

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Media Matters, which bills itself as a progressive research and information center dedicated to comprehensively monitoring, analyzing, and correcting conservative misinformation in US media, says advertisers that stopped investing entirely in Twitter are joined by seven large clients that are reducing their ad buys.

These seven advertisers have spent more than US$250 million on Twitter since 2020. So far this year, the figure is almost US$118 million.

Media Matters conducted an analysis with data from Pathmatics, a market intelligence platform, and concluded that there is a practice known as “quiet quitters” — companies that, without openly saying so, simply do not place their ads on the social network.

Companies identified by Media Matters include:

  • Abbot Laboratories (ABT)
  • American Express (AXP)
  • AT&T (T)
  • Black Rock Inc.
  • Chanel
  • Chevrolet
  • Chipotle Mexican Grill (CMG)
  • Citigroup Inc. (C)
  • CNN
  • Coca-Cola (KO)
  • Dell (DELL)
  • Diageo (DEO)
  • DirecTV
  • Ford (F)
  • Heineken
  • Hewlett-Packard (HP)
  • Hilton Worldwide (HLT)
  • Jeep
  • LinkedIn
  • Marriott (MAR)
  • Mars
  • Meta Platforms (Facebook) (META)
  • Nestlé
  • Novartis (NVS)
  • Pernod Ricard