Ad spending on Twitter took a drastic hit in December following Elon Musk’s acquisition of the social media platform.
Data from an advertising research firm showed that top advertisers cut their spending by 71%.
According to data from the Standard Media Index (SMI), ad spend on Twitter in November fell 55% from last year.
That was the same month that Musk restored suspended accounts and launched a paid account verification that resulted in scammers posing as corporations, according to research firm Pathmatics.
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At the time, two large advertising companies advised clients to temporarily pause their paid advertising on Twitter.
That came at a time traditionally known for increased ad spend as brands promote their products during the holiday season.
The recent data from SMI comes as Twitter is moving to reverse the exodus of advertisers.
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Twitter has introduced initiatives, offering some free ads, lifting the ban on political advertising and allowing companies more control over the positioning of their ads.
Twitter did not immediately respond to a Reuters request for comment.
Fourteen of the top 30 advertisers on Twitter stopped all advertising on the platform after Musk took office on Oct. 27, according to Pathmatics estimates.
At a November event, Musk addressed the issue of companies pausing ads, saying he understands if advertisers “want to give him a minute.”
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Twitter’s fourth-quarter revenue fell about 35% year-over-year due to a drop in advertising and technology-focused posting, Information reported.
Advertising accounted for 89% of Twitter’s $5.08 billion revenue in 2021.
Reuters contributed to this report.