More than 500 Twitter advertisers have stopped investing in advertising on the social network since the company’s acquisition by Elon Musk last year, technology website The Information reported on Wednesday (17), citing a source familiar with the matter.
The social media company’s daily revenue on January 17 was 40% lower than the same day a year earlier, the site added.
Representatives for Twitter had no immediate comment.
Since Musk took over Twitter in October, advertisers have fled in response to the billionaire’s actions at the company, which have included the immediate firing of thousands of employees and the compromise of the account verification badge system, actions that have resulted in scammers posing as by companies on Twitter.
The social media platform recently reversed a 2019 political ad ban and said it will relax the advertising policy for “cause-based ads” in the United States, bringing its advertising guidelines in line with TV and other media.
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