Twitter Lost 50% of its Top Advertisers after Musk Takeover

Business Technology

In the weeks following Elon Musk’s appointment as CEO, a report claims that Twitter lost approximately 750 million dollars by losing at least 50% of its major advertisers. 50 of the top 100 advertisers have apparently stopped advertising on Twitter in recent weeks. Since 2020, these advertisers have spent approximately 2 billion dollars on the platform, including more than 750 million dollars in advertising in 2022 alone.

Advertising rates have been dropping to almost nothing, which could result in a loss of more than 11 billion dollars for the advertisers. Since Elon Musk took over Twitter at the end of October 2022, the advertising situation has improved.

Beyond advertising, Elon Musk wants to expand Twitter’s revenue sources. Elon Musk intends to raise the cost of the paid subscription to $8 per month and include account verification in the plan, despite the fact that Twitter has been offering a paid subscription with additional features since 2021.

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Elon Musk stated this week that a new verification program will be launched, with a blue verified tick for all other accounts, a grey verified tick for elected officials, and a gold verified tick for businesses. Then again, the publicists guaranteed to require Twitter, and can go to a few other informal organizations.

Elon Musk congratulated himself on increasing the number of daily active users since taking over Twitter and stated that increased users do not necessarily translate into increased revenue. As of June 2022, there were approximately 230 million daily active users on Twitter.

Sandy

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