One estimate finds that 14 of Twitter's top 30 advertisers have stopped all advertising on the platform since Elon Musk's takeover.
according to estimates compiled for Reuters by research firm Pathmatics, in the latest shock to the company’s dominant revenue source.
Pathmatics said the previously unreported figures on Twitter advertising are estimates. The firm bases its estimates on technologies that track ads on desktop browsers and the Twitter app as well as those that mimic user experience. Twitter posted a loss of $270 million in the three months ended June 30, on total revenue of about $1.18 billion.
Twitter is moving to reverse the advertiser exodus. It has introduced a slew of initiatives to win back advertisers, offering some free ads,and allowing companies greater control over the positioning of their ads. Coca-Cola Co. halted spending in mid November, after purchasing an estimated $1.1 million in Twitter ads earlier that month, while HBO spending collapsed to approximately $38,000 in December from roughly $1.1 million in November, Pathmatics found.
Mass retailer Target Corp. and department store operator Kohls Corp. also skipped advertising on Twitter on Black Friday, one of the biggest shopping days of the year, the estimates show. Kohls did not return requests for comment.Apple did not respond to requests for comment. PepsiCo declined to comment.
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