Top advertisers on Twitter slashed their spending after Elon Musk's takeover, according to estimates.
Fourteen of the top 30 advertisers on Twitter stopped all advertising on the platform after Musk took charge on October 27, according to the Pathmatics estimates. Four advertisers reduced spending between 92% and 98.7% from the week before Musk's acquisition through the end of the year.
Technology-focused publication The Information, citing details shared by a top Twitter ad executive at a staff meeting on Wednesday, reported that Twitter's fourth quarter revenue fell about 35% year over year due to a slump in advertising. Twitter is moving to reverse the advertiser exodus. It has introduced a slew of initiatives to win back advertisers, offering some free ads, lifting a ban on political advertising and allowing companies greater control over the positioning of their ads.
Coca-Cola declined to comment. HBO spokesperson Chris Willard did not comment on the specifics of advertising spending, but said"we will be assessing the platform under its new leadership and determine appropriate next steps."
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