• About
  • Advertise With Us
  • Home
  • Privacy Policy
Saturday, September 23, 2023
  • Login
Jungle Journalist Media Limited
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY

Home » ECONOMY & BUSINESS » Elon Musk’s Twitter loses $2 billion as 50 top advertisers pull out

Elon Musk’s Twitter loses $2 billion as 50 top advertisers pull out

by Jungle Journalist
November 28, 2022
5
SHARES
48
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

New research claims 50 of Twitter’s top 100 advertisers have stopped advertising on the platform after Musk’s AU$66 billion takeover.

The non-profit media watchdog Media Matters for America published the report on Tuesday, which claimed those 50 advertisers accounted for almost US$2 billion (A$2.96 billion) in Twitter’s ad spending since 2020.

It said in addition, seven other major companies appeared to be slowing the rate of their advertising to a negligible amount.

“Since 2020, these seven advertisers have accounted for over $255 million in spending on Twitter and nearly $118 million in advertising in 2022,” it found.

While big-name companies have made their intentions to stop advertising known, other major advertisers have been “quiet quitters”.

Chevrolet, Chipotle Mexican Grill Inc, Ford, and pharmaceutical corporation Novartis are among those who publicly announced their spending cessation.

Stream more tech news live & on demand with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer available for a limited time only >

Meanwhile, Coca-Cola Company, CNN, Dell and American Express are among the “quiet quitters”.

The researchers said the report used commissioning data from Pathmatics – an advertiser database and digital marketing intelligence firm.

“These companies were previously advertising on Twitter, but then stopped for a significant period of time following direct outreach, controversies, and warnings from media buyers,” the report stated.

The researchers believed the scaling back of advertising was linked to Musk’s “amplification of conspiracy theories”, the decision to reinstate banned accounts and the verification scheme which allowed users to purchase a blue tick and mimic brands and people.


Musk has previously alluded to companies and activists launching a campaign against him by teaming up to pull funding from Twitter.

“A large coalition of political/social activist groups agreed not to try to kill Twitter by starving us of advertising revenue if I agreed to this condition,” he recently tweeted.

“They broke the deal.”

At the other end of the scale, an Australian industry leader in the small and medium size business space says Twitter’s advertising was traditionally unappealing to that section of the market.

Daniel Stoten, Executive Chairman at Localsearch, an Australian digital marketing provider, said most businesses opted for Facebook or Instagram for a better return on investment.

“Digital advertising is the main revenue driver for social media platforms to survive and remain true to their purpose – provide a platform for consumers to be social with one another,” he told news.com.au.

“For businesses, Twitter isn’t typically their main social platform for advertising. This tends to be on Instagram and Facebook instead.

“With Elon Musk wanting to remove some content moderation, this does raise some concerns around misinformation being shared and brands should rightfully be cautious about associating their advertising with this in play,” Mr Stoten continued.

“For instance, when SMBs (small and medium businesses) run a Google Ads digital advertising campaign, the campaign has to be approved first by Google as they checklist the content against a variety of factors, including appropriate language and the demographic nature of the content.

“The most important thing to remember about any social media platform is that it will have to abide by the same rules, regulations and laws as every other social media app. This includes privacy laws, Apple’s transparency rules about asking users to allow data tracking and potentially government pressure to remove harmful content.”

Mr Stoten said businesses should avoid putting “all their eggs in one basket”.

“Diversifying their activity across different platforms is encouraged,” he said.

According to Localsearch, Twitter is Australia’s eighth most-used social media platform – reaching just 19 per cent of the population.

“It’s no surprise SMBs are gravitating towards the big players, like YouTube (through Google Ads), Facebook and Instagram,” Mr Stoten said.

“When you’re an SMB who already has limited time and budget, you’re going to want to stick with where you can get in front of the most people who will be interested in what you do for the most profitable return on investment — and that’s just not Twitter right now.

“Maybe in the future Twitter may climb the ranks in popularity in Australia, but in regional communities, it’s not right now, and business owners are very well aware of this.”

ReadAlso

Musk ‘not serious’ about cage fight — Zuckerberg

Elon Musk officially changes Twitter logo, website to X 

Tags: advertiserscompaniesElon MuskTwitter
Share2Tweet1Send
Previous Post

Police arrest, jail 2 for being in possession of 468 PVCs

Next Post

NDLEA arrests suspects with cocaine in sandals, wet towel

You MayAlso Like

NATIONAL

‘I’m sorry’ — Edo Deputy Gov Phillip Shaibu begs Obaseki for forgiveness

September 22, 2023
NATIONAL

Labour Party’s Candidate Edeoga Rejects Tribunal Judgment Affirming Mbah as Enugu Governor

September 22, 2023
BUILDING & PROPERTIES

Nigeria Nyesom Wike Revokes Peter Obi’s Plot, 167 Others In Abuja 

September 22, 2023
NATIONAL

Abia Govt Serves Perm Secs, Directors, Retirement Notice 

September 22, 2023
INTERNATIONAL / DIASPORA

Niger’s Coup-Toppled President Bazoum Appeals to ECOWAS Court for Release

September 22, 2023
INTERNATIONAL / DIASPORA

Gabon: Deposed President’s Son Valentin Bongo, others jailed for high treason

September 22, 2023
Next Post

NDLEA arrests suspects with cocaine in sandals, wet towel

Discussion about this post

Recent Posts

  • ‘I’m sorry’ — Edo Deputy Gov Phillip Shaibu begs Obaseki for forgiveness
  • Labour Party’s Candidate Edeoga Rejects Tribunal Judgment Affirming Mbah as Enugu Governor
  • Nigeria Nyesom Wike Revokes Peter Obi’s Plot, 167 Others In Abuja 
  • Abia Govt Serves Perm Secs, Directors, Retirement Notice 
  • Niger’s Coup-Toppled President Bazoum Appeals to ECOWAS Court for Release
ADVERTISEMENT

Recent Comments

  • Ogbuenyi Sunday on Anambra police arrest river-bathing prophet ‘Onye Eze Jesus’
  • Stephen CE on List of international stars who have joined #EndSARS/#EndSWAT and what they said

Trending

BREAKING: Enugu Governorship Tribunal Dismisses Chijioke Edeoga’s Petitions Against Peter Mbah 

SEE VIDEO: Ikorodu Boys Allegedly Burn Down Naira Marley’s House Over Mohbad’s Death

Elon Musk’s Twitter loses $2 billion as 50 top advertisers pull out

More Troubles For Tansian University As Turkey Contractor Says School Duped Him Of ₦430m

Breaking: Chijioke Edeoga congratulates Gov Mbah after Tribunal defeat

After Electricity Law, Enugu State Embarks on Massive Law Reforms to De-risk investments

ADVERTISEMENT

Man Arrested For Selling Nude Pictures And Videos Of Married Woman On Social Media

ENUGU: Comm For Lands Inaugurates Committee On Illegal Structures, Open Spaces, Unmonetized Properties/Houses 

Tinubu approves use of concrete technology on roads

Why I will sustain my beard, dreadlocks, earrings as head of church — Pastor Jimmy Odukoya

    ADVERTISEMENT

    Popular Stories

    • BREAKING: Gunmen Take Over Onitsha-Owerri Road, Set Over 10 Vehicles, Goods Worth Billions Ablaze

      2734 shares
      Share 1094 Tweet 684
    • JUST IN: CBN Governor, Godwin Emefiele sacked

      1809 shares
      Share 724 Tweet 452
    • BREAKING: Finland police arrests Simon Ekpa 

      999 shares
      Share 400 Tweet 250
    • BREAKING: IReV Portal Shows Labour Party Won 19 States Plus FCT, PDP 8, APC 7, NNPP 2 States—Baba-Ahmed

      643 shares
      Share 257 Tweet 161
    • NEWS FLASH: Peter Mbah of PDP cruising to victory, wins 14 LGAs in Enugu guber polls 

      530 shares
      Share 212 Tweet 133
    • JUST IN: Daughter of Benin billionaire/CEO of Uyi Technical commits suicide

      482 shares
      Share 193 Tweet 121

    ABOUT US

    Jungle Journalist Media Limited

    Jungle Journalist Media Limited

    Jungle Journalist is an online news and information resource centre dedicated to accurate and timely news reports.

    Read More >>

    CONNECT WITH US

    SECTIONS

    • AGRICULTURE
    • BIZARRE
    • BREAKING
    • BUILDING & PROPERTIES
    • COLUMNIST
    • COMMUNITY REPORTS
    • ECONOMY & BUSINESS
    • EDUCATION
    • ELECTRICITY
    • ENTERTAINMENT
    • GAMES & SPORTS
    • HEALTH & FOOD
    • HOLIDAYS
    • INDIGENOUS REPORTS
    • INTERNATIONAL / DIASPORA
    • LAW & HUMAN RIGHTS
    • LEGISLATION
    • MEDIA INDUSTRY
    • MONEY & BANKING
    • NATIONAL
    • NEWS
    • NIGER DELTA
    • NORTH
    • OBITUARY
    • OIL & GAS
    • OPINION
    • PHOTOS / VIDEOS
    • POLICE / CRIME
    • POLITICS
    • RELIGION & WORSHIP
    • SCIENCE / TECHNOLOGY
    • SECURITY / MILITARY
    • SOCIAL MEDIA
    • SOUTH-EAST
    • SOUTH-SOUTH
    • SOUTH-WEST
    • TRADITION & CULTURE
    • TRANSPORT & AVIATION
    • WOMEN & CHILDREN
    • YOUTH
    No Result
    View All Result

    NEWS SOURCES

  • Punch
  • Nigerian Tribune
  • The Nation
  • Thisday
  • DailyTrust
  • The Sun
  • Daily Independent
  • PM News
  • Vanguard
  • Premium Times
  • Sahara Reporters
  • The Guardian
  • Leadership
  • Daily Times Of Nigeria
    • About
    • Advertise With Us
    • Privacy Policy

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    No Result
    View All Result
    • NEWS
    • POLITICS
    • ECONOMY & BUSINESS
    • GAMES & SPORTS
    • EDUCATION
    • ENTERTAINMENT
    • HEALTH & FOOD
    • NIGER DELTA
    • SECURITY / MILITARY

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In