Twitter has been under Elon Musk’s ownership for a week and it’s been a wild ride with constant news updates. One of the latest is that the Tesla CEO shared that Twitter has seen a “massive drop in revenue.”
General Mills and the Volkswagen Group are the latest companies to confirm that they are pausing advertising on Twitter as there’s growing advertiser uncertainty about the future of the platform under new ownership.
“Twitter has had a massive drop in revenue due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,” Musk tweeted on Friday.
“Extremely messed up! They’re trying to destroy free speech in America.”
Musk’s remarks also come after a recent report that a prominent ad agency is advising its clients to pause their advertising on the platform, with some companies beginning to take that route.
“We have paused advertising on Twitter,” Kelsey Roemhildt, a spokesperson for General Mills, told CNN in a statement. “As always, we will continue to monitor this new direction and evaluate our marketing spend.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
