Since Elon Musk bought Twitter for $47 billion last year and placed himself as CEO, there has been an exodus of advertisers on the platform. Over 500 advertisers have stopped ads on the micro-blogging platform in that time, according to a report from The Information.
Twitter manager Siddharth Rao has reportedly told employees in the company that revenue is 40% lower than before Musk's acquisition. This is not the first time it has emerged Twitter is struggling
Musk is a controversial figure and has hardly done the hard work to smooth relations with advertisers. He continues to antagonize and push controversial views on Twitter, almost like the site has become his mouthpiece.
It would be better for Twitter's long-term health if Musk was a silent CEO instead of one who thrusts himself into the public eye daily.
He himself admits that Twitter is struggling financially. The company has responded to fleeing advertisers by looking to monetize in other areas. Musk implemented paid subscriptions to keep Blue Checks that denote official accounts on the site.
Ad Balance
Even so, it is ad revenue the company needs, and advertisers are reluctant to use the platform. Last month I reported Amazon and Apple are bringing their ads back to Twitter. So, there are signs that ad revenue could increase, and advertisers will return. Even so, the situation remains volatile and ad companies may seek assurances from Musk and Twitter before re-committing.
Apple and Amazon were spending more than $100 million advertising on Twitter, which gives an idea of the kind of revenue the company is missing with 500 advertisers leaving the platform.
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