Coca-Cola and Meta are two firms that appear to have stopped advertising on Twitter.
According to Media Matters, half of Twitter’s top 100 advertisers have ceased promoting on the network.
These 50 corporations have spent $2 billion on Twitter advertising since 2020.
Some made their decisions public, while others appear to be “silent quitters“
According to the research group Media Matters, half of Twitter’s top 100 advertisers have ceased advertising on the network in the 25 days since Elon Musk took charge.
Since 2020, those 50 companies have generated roughly $2 billion in ad revenue. According to Media Matters, they spent $750 million this year alone.
Some the corporations, such as Chevrolet, Ford, and Chipotle, have openly stated that they will no longer advertise on Twitter.
According to Media Matters, the others are “silent quitters” since their Pathmatics data suggests they have stopped advertising for a “considerable length of time.”
According to Media Matters, Coca-Cola, Kellogg’s, and Meta are among those that have withdrawn their advertising dollars from Twitter. The full list of 50 can be found in Media Matters’ article.
The media center attributes those companies’ actions to “direct outreach, scandals, and warnings from media buyers.”
Insiders Lara O’Reilly and Lindsay Rittenhouse have revealed that Musk attempted to reassure prominent advertisers about Twitter’s safety in a virtual meeting shortly after his takeover.
Around the same time, Musk blamed “pressuring marketers” on activist groups “seeking to kill free speech in America.”
On November 11, Group M, the world’s largest ad buyer, branded Twitter as “high-risk” for advertisers and advised its clients not to buy promotions on the platform.
Advertisers were concerned after Twitter’s head of trust and safety, Yoel Roth, resigned, according to Digiday. In his job, he attempted to allay fears about disinformation and hate speech on the network.
GroupM also expressed concern over brand impersonation, claiming that an $8 subscription to Twitter Blue might allow anyone to obtain a blue tick.
Among the companies impersonated were Nintendo and McDonald’s, while another troll posing as the pharmaceutical corporation Eli Lilly fraudulently stated: “Insulin is free now.”
Musk has since suspended paid verification until the problems are resolved with “high certainty.”
On Tuesday, author Stephen King joked, “Pretty soon, the only advertiser left on Twitter will be My Pillow,” alluding to the company owned by Mike Lindell, an avid admirer of Donald Trump and conspiracy theorist.
Twitter did not react to a comment request.
SOURCE: INSIDER TECH