Elon Musk admits Twitter has had 'massive revenue loss' amid massive layoff crisis
Elon Musk said that Twitter's revenue fell sharply as activist groups had pressured advertisers, amid the massive layoff crisis.
NEW YORK (TechtUSA) - Elon Musk, new boss of the Twitter Inc. (TWTR.N), said that the social media platform suffered "massive drop in revenue" as the advertisers paused spending on Twitter. Elon Musk blamed the activist groups who try to pressure advertisers.
Elon Musk: "Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers"
Elon Musk, the CEO of Twitter, Tesla, and SpaceX blamed "activist groups pressuring advertisers" for the massive drop in Twitter's revenue in a tweet. He stated that Twitter has done "everything we could to appease the activists" and that the company has not altered its content moderation strategy.
Blaming activist groups, Musk said, "Extremely messed up! They’re trying to destroy free speech in America."
Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.
— Elon Musk (@elonmusk) November 4, 2022
Extremely messed up! They’re trying to destroy free speech in America.
Musk also repeated his views in an interview at Baron Investment Conference. “We’ve made no change in our operations at all,” Musk said at the event. “And we’ve done our absolute best to appease them and nothing is working. So this is a major concern. And I think this is frankly an attack on the First Amendment." he added.
Musk did not mention about how much revenue the Twitter lost as a result of the paused spending of advertisers on Twitter.
Brands such as Pfizer and Volkswagen paused their advertising spending on Twitter
It was reported that some brands are planning to take a break from their advertising spending on Twitter after Musk bought Twitter for $44 billion.
General Motors, General Mills, Audi, IPG, Mondelez International, Pfizer and Volkswagen were among the companies that paused their advertising spending on Twitter after Musk bought the company.
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