The platform Twitter has lost 72 of its top 101 advertisers in recent months, coinciding with the purchase of the company by billionaire Elon Musk, according to data from the Pathmatics company.
Companies like Zoom, Wells Fargo, Pfizer, VolkswagenToyota, Nike o McDonald’s They are among the companies that have paused the purchase of advertising space on the social network, which represents a strong setback for the company, which, at least until 2021, obtained the 88.7% of their income from the advertising. According to the last annual results report, presented in December 2021, before the company was acquired by Musk, 4,506 of the 5,077 million dollars that Twitter earned that year were through advertising.
The Wall Street Journal reports that to stop this bleeding, those responsible for Twitter are holding meetings with representatives of these companies and have promised them the introduction of new tools advertising.
Musk, who announced two days ago that he will step down when he finds a CEO to run the platform, recently released a payment system for identity verification of users, with the aim of diversifying their sources of income, although the success of the initiative is unknown.
On November 4, the tycoon, who has fired more than half of the workforce of the company -according to calculations by various media outlets- assured that Twitter was losing 4 million dollars a day.
According to Pathmatics, the preferred platform for US companies to advertise their products or services is, by far, Facebook, which in the third quarter of this year earned 6.8 billion dollars through this channel. They are followed, in this order, by Instagram, TikTok and Snapchat.