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Elon Musk says Twitter has had ‘massive’ revenue drop


Elon Musk, Founder and Chief Engineer of SpaceX, speaks during Satellite Conference 2020 in Washington, DC, US on March 9, 2020.

Yasin Ozturk | Anadolu Agency | beautiful pictures

On Friday, Elon Musk, the company’s new owner, said Twitter had suffered a “massive revenue drop” because advertisers halted spending on the social media platform.

In a tweet, Musk blamed “activist groups that pressure advertisers.” He said Twitter has not changed its content moderation strategy, and added that the company has done “everything we can to appease the activists.”

Musk did not specify how much revenue the company lost from the price drop, or how he might attribute that loss to pressure from activist groups.

Musk reiterated his views in an interview at the Baron Investment Conference on Friday.

“We have no changes to our operations,” Musk said at the event. “And we’ve tried our best to appease them and nothing has worked. So this is a big concern. And I think this is really an attack on the First Amendment. “

Twitter has laid off or laid off about 50% of its employees since he took over on October 28.

In recent days, some companies said they will temporarily pause their ad spend on Twitter to see how things will change there under Musk’s ownership. Tesla competitor Synthetic engine and Audi, and food titan General Mills is one of the companies that has paused spending on Twitter. Huge IPG Ads Consulting for customers temporarily halted their Twitter communications plans, though it’s unclear how many customers are taking the advice of IPG agents.

Twitter notified employees Thursday night that it would begin laying off employees, according to communication obtained by CNBC. Twitter’s content moderation team is expected to be among the job cuts, Reuters reports, citing employee tweets.

CNBC has also learned that Twitter’s global marketing team has made deep cuts to handle, among other things, reporting and metrics around ad performance, sales performance, and spam.

Earlier this week Musk, who currently serves as Twitter CEO and calls himself “Chief Twit,” met with a group of leaders from civil society organizations to address concerns about hate speech and disinformation. election-related bias on this platform.

Since Musk took the helm, online trolls and bigots Twitter raidand hate speech has increased on the platform. Musk also tweeted outthen deleted, a baseless and anti-LGBTQ conspiracy theory about a home invasion and attack directed at Paul Pelosi, husband of House Speaker Nancy Pelosi.

Some of the organizations represented on Tuesday’s hour-long Zoom call have now co-sign an open letter to top advertisers on Twitter urging them to suspend ad spend if Musk fails to enforce company safety standards and community guidelines.

According to ad analytics platform MediaRadar, despite Musk’s claims of a recent drop in revenue, Twitter’s ad spend fell before Musk’s takeover of the company was complete and before social organizations. Civilians are starting to put pressure on brands, according to ad analytics platform MediaRadar.

According to data from MediaRadar, Twitter ad subscriptions increased between April and May, around the time Musk’s plan to go private on Twitter was announced before Musk’s plan to go private on Twitter. it started to decrease. But the average number of advertisers on the platform fell from 3,900 in May to 2,300 in August. It had 2,900 advertisers in September.

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