Trouble is brewing inside the walls of the newly purchased social media platform, Twitter. From barring free speech to mass lay-off of employees, the measures Elon Musk has taken are disturbing. The Tesla CEO has been causing a lot of drama from the day he decided to take over Twitter in April this year.
Advertising makes up 90% of the total revenue of the microblogging site. And if the advertising firms decide to mess up surely it is going to hit Elon Musk hard. But the processes have already begun. Many advertisers and brands have paused their ads on Twitter. And Musk’s tweet earlier today clearly shows his annoyance at the latest business developments.
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Elon Musk Is In Real Trouble!
The SpaceX CEO took to Twitter to publicly air his disappointment as his company is losing advertising clients due to pressures from activists. A growing number of advertisers have stopped spending on the platform. This includes brands like General Mills and the Volkswagen Group. In effect, it has caused a massive revenue drop for the company.
“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America,” Musk tweeted.
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Why Is Twitter Losing Advertisers?
The recent developments that have happened are what have led to such decisions from the advertisers. Many progressive leaders and celebrities have quit the social media platform as Musk became the CEO. Added to this, is the doubt about whether free speech would be possible as the platform is now privately owned.
Recent reports state that Musk intends to eliminate nearly half of the company employees. The organisations like Anti-Defamation League, Free Press, and GLAAD, have all undertaken pressure campaigns to urge companies to rethink to whether they have to continue advertising on Twitter.
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