Twitter loses $2 billion in advertising funding

Half of Twitter’s top 100 advertisers have left the platform. This comes less than a month after Elon Musk, Twitter’s new CEO, took office.

According to the research, these 50 companies have spent approximately $2 billion on Twitter advertisements since 2020. Chipotle Mexican Grill Inc., Ford, and Chevrolet have already issued statements confirming their plans to stop running Twitter advertisements. Twitter’s advertising revenue accounts for 90% of its total revenue, and many businesses have stopped advertising on the platform.

Some of the “quit quitters” include American Express, AT&T, CNN, Kellogg, and Nestle. Previous research suggested that Musk’s Twitter issues expose the service to various types of fraud and brand imitations, neither of which are appealing to ad spenders.