A significant number of the world’s leading advertisers have withdrawn their ads from X, formerly known as Twitter, following its acquisition by Elon Musk. According to new market data from consulting firm Ebiquity, big brands have not returned to X/Twitter.
Business Insider reports that marketing data exclusively provided to the outlet reveals a drastic reduction in the number of major advertisers on X/Twitter following its takeover by Elon Musk. Ebiquity, a marketing consultancy firm, has provided insights that paint a concerning picture of advertiser participation on the platform.
“An overwhelming majority of the world’s biggest-spending advertisers have stopped advertising on X following Elon Musk’s acquisition of the company,” the data from Ebiquity states.
Ebiquity, which collaborates with 70 of the top 100 global advertisers, disclosed that a mere two of its clients purchased ads on X/Twitter last month. This is a stark contrast to the 31 brands that advertised on the platform before Musk’s involvement. “This is a drop we have not seen before for any major advertising platform,” explained Ruben Schreurs, Ebiquity’s chief strategy officer.
Statements from the platform’s leadership seem to be at odds with Ebiquity’s findings. X’s CEO, Linda Yaccarino, had previously asserted that “90% of the top 100 advertisers have returned to X in the last twelve weeks alone.” However, the data suggests a different narrative, leading to questions regarding the transparency and accuracy of the public statements made by the platform’s executives.
In September, Musk blamed the left-wing ADL for a 60 percent drop in advertising. As Breitbart News reported:
Bloomberg reports that Twitter/X has been grappling with a significant downturn in its advertising revenue, specifically a 60 percent decline in the U.S. market. This slump has raised questions about the platform’s financial health and its ability to sustain itself in the long term. “Advertising revenue on X Corp. is still down 60%, primarily due to pressure on advertisers,” said Elon Musk, the owner of X Corp.
Advertising revenue is vitally important to Twitter. When Elon Musk hired advertising executive Linda Yaccarino as CEO of the company, it was widely viewed as an acknowledgement that his plan to support the company through a subscription model was an abject failure.
According to Musk, the ADL, a leftist non-profit organization, has been at the center of this advertising catastrophe. Must claims the ADL has been “trying to kill” the platform ever since he acquired it last year. He claims the organization is “falsely accusing” both him and the platform of being antisemitic.
Read more at Business Insider here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship.