Even to the most objective person, Twitter has been nuts the last couple months. The platform has been in utter chaos since Elon Musk was forced to buy the social media company for $44 billion. From firing half the company to tweeting racist signals to giving space to conspiracy theories to allowing anyone to get a checkmark for $8/month, Musk clearly believes that any press is good press.
That’s simply not true in this scenario.
Instead of playing legitimate and legal roulette at https://www.
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roulette/, Elon seems to be playing Russian Roulette with the company; saying and tweeting as he pleases as the company seemingly hemorrhages users and advertisers.
Twitter Losing Advertisers: A List
Musk taking over Twitter and making such drastic changes has rocked the company in and out. Musk’s decisions have certainly has won over a specific segment of the population, but the combination of losing both users and advertisers is not sustainable for a company of Twitter’s size.
Simply put: fewer users equals lower ad rates and fewer advertisers which in turns means less money coming into the company. The more Musk treats Twitter as his personal bullhorn to allow controversial segments of society to amplify their fringe viewpoints, the more company will move their advertising budgets away from Twitter.
That has accelerated in the last few weeks. According to Media Matters, half of Twitter’s top 100 advertisers have “either announced or seemingly stopped advertising on Twitter.” The following 50 big name companies and corporations have left Twitter in the last month.
Company
Abbott Laboratories
Allstate Corporation
AMC Networks
American Express Company
AT&T
Big Heart Petcare
BlackRock Inc.
BlueTriton Brands Inc.
Boston Beer Company
CA Lottery
CenturyLink
Chanel
Chevrolet*
Chipotle*
Citigroup Inc.
CNN
Coca-Cola Company
Dell
Diageo
DirecTV
Discover Financial Services
Fidelity
First National Realty Partners
Ford*
Heineken N.V.
Hewlett-Packard
Hilton Worldwide
Inspire Brands Inc.
Jeep*
Kellogg Company
KFC (Yum! Brands)
Kohl's Department Stores Inc.
Kraft Heinz Company
Kyndryl*
LinkedIn
MailChimp
Marriott International Inc.
Mars Petcare
Mars Incorporated
Merck & Co.*
Meta
MoneyWise
Nestle
Novartis AG*
Pernod Ricard
Pizza Hut (Yum! Brands)
PlayPass
Taco Bell (Yum! Brands)
Tire Rack
Verizon
Wells Fargo
Whole Foods
Yum! Brands
Together these companies made up approximately $2 billion in advertising on Twitter since 2020. This year alone, these 50 advertisers accounted for over $750 million in advertising on the social media platform. Roughly, Twitter will lose an estimated quarter billion dollars in the fourth quarter of 2022. This in an economy that’s not doing so great and when bigger, more-profitable companies are laying off thousands of employees.
For someone that considers themselves a businessperson, it’s mind-boggling that the significant loss of revenue doesn’t seem to bother Musk whatsoever. He continues to crassly troll politicians, celebrities and users.
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