Elon Musk has lost half of the top 100 advertisers on Twitter in less than a month after the billionaire took office, the study revealed.
According to Media Matters in America, 50 of the top 100 advertisers have spent nearly $2 billion on the platform since 2020, and more than $750 million on advertising in 2022 alone.
Furthermore, as of November 21, seven additional advertisers seem to be reducing their advertising on Twitter to almost nothing, in addition to those who appear to have stopped advertising.
Since 2020, these seven advertisers have spent more than $255 million on Twitter and nearly $118 million in 2022, according to the study.
The report followed a number of large companies that could be considered “quiet quitters” that are slowly pulling ad spending from social platforms.
This comes after companies like Chipotle Mexican Grill Inc., Ford, and Chevrolet issued statements confirming their intention to pause their ads on Twitter, said the study.
Even with these advertising losses, Elon Musk has continued to engage in brand-unsafe actions, including amplifying conspiracy theories, unilaterally reinstating banned accounts like former US President Donald Trump, courting and engaging with far-right accounts, and implementing a haphazard verification system that allowed extremists and scammers to purchase blue checks.