Over Top 50% of Twitter Advertisers Pull Their Ads, Following Musk’s Takeover

More than half of Twitter’s top 1,000 advertisers stopped spending on the platform in the first weeks of January 2023, according to data from digital marketing analysis firm Pathmatics by Sensor Tower. This is a significant indication of the impact of the advertiser exodus following Elon Musk’s acquisition of the company. Of the top 1,000 advertisers, 625 of them, including major brands such as Coca-Cola, Unilever, Jeep, Wells Fargo and Merck, had pulled their ad dollars.

Wells Fargo paused  paid advertising on Twitter but use it as a social channel to engage with customers. As a result of the pullback, monthly revenue from Twitter’s top 1,000 advertisers fell by more than 60% from October through January 25, from around $127 million to just over $48 million.

After Musk completed his takeover of the company in late October 2022, advertisers began to worry about the safety and stability of the platform given his plans to cut staff and relax content moderation policies. Last Year Musk informed that  Twitter had seen a great revenue drop . Twitter has been trying to woo advertisers back, including offering a Super Bowl “fire sale” deal for advertisers in an attempt to win them back for one of Twitter’s biggest audience days of the year.