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Half of Twitter’s top 100 advertisers appear to no longer advertise on the website. A report from Media Matters for America says these 50 advertisers have spent nearly $2 billion on Twitter ads since 2020 and more than $750 million in 2022 alone.
Seven additional advertisers slowed their advertising to almost nothing, according to the report released Tuesday. These companies have paid Twitter more than $255 million since 2020.
Chevrolet, Chipotle Mexican Grill, Inc., Ford, Jeep, Kyndryl, Merck & Co., and Novartis AG have all released statements regarding the Twitter ad shutdown or have been reported and confirmed as such. The Others stopped advertising on the platform for “a significant period following direct outreach, controversy and warnings from media buyers”.
The report wrote that even with these ad revenue hits, Twitter CEO Elon Musk “continued his series of actions dangerous to the brand – including amplifying conspiracy theories, unilaterally reinstating accounts banned such as that of former President Donald Trump, courting and engaging with far-right accounts and instituting a random verification system that allowed extremists and scammers to buy a blue check.”
Twitter users like author Stephen King have critical the new blue tick system. The symbol used to verify the identity of Twitter accounts, so it was easy to confirm the source of a tweet.
Eli Lilly and Co. stopped running ads on Twitter the day after an account posing as the pharmaceutical company – with a purchased blue tick – posted: “We are delighted to announce that insulin is now free.
Eli Lilly asked Twitter to remove it, but the tweet remained open for hours as the platform’s staff were stretched due to recent layoffs and resignations. The tweet garnered hundreds of retweets and thousands of likes, and Eli Lilly’s stock quickly plunged.
Endpoints News reported that 12 pharma giants quickly stopped buying Twitter ads, citing Pathmatics, which collects data on corporate advertising and digital marketing trends.
King joked on Twitter, “Soon the only remaining advertiser on Twitter will be My Pillow.” The pillow company is run by pro-Trump conspiracy theorist Mike Lindell.
Twitter did not immediately respond to NPR’s request for comment.