Twitter revenues 40% lower than a year ago following Elon Musk’s £38bn takeover of the social media giant
Twitter’s daily revenues are 40 per cent lower than a year ago as the social media firm feels the hangover from Elon Musk’s £38billion takeover.
A senior manager said more than 500 top advertisers have paused their spending since the Tesla tycoon acquired the company in October.
Siddharth Rao, who oversees engineering at the advertising arm, said there were grave concerns about the core ads business, previously 90 per cent of total sales.
Revenue slump: A senior Twitter manager said more than 500 top advertisers have paused their spending since Tesla tycoon Elon Musk (pictured) acquired the company in October
Several big names halted Twitter ad campaigns last year. Musk has cut half its 7,500 global staff and shaken Twitter up.
In November, marketing agency Omnicom, which represents 5,000 firms such as Apple, told clients to pause all advertising, claiming promotions were a ‘serious risk to brand safety’.
Michael Gartenberg, a tech analyst, said: ‘Musk’s policies have led to an increase in various types of hate speech and the restoration of previously banned accounts.
‘This has meant more brands are hesitant to be associated with content many customers find objectionable.’
