It’s funny how almost overnight, Twitter suddenly became an unpopular platform for major brands to advertise. Was there a big change at the social media company lately?
Oh yeah, one of the most polarizing lightning rods on the planet is now in control, and to many, one of the most frightening aspects of Elon Musk is the fact that he has common sense, he can’t be bought, and he speaks his mind.
The A-list brands taking their ad dollars off Twitter include Pfizer, Audi, General Mills, Ford, GM, and Volkswagen.
Wait, there’s more. Huge advertising companies, including Interpublic Group and Havas Media, are making decisions for their brand clients not to spend money on Twitter ads. CVS and Nintendo are on that list.
Musk is adamant about why this is happening; he believes it is woke activists driving the advertisers away in droves, leading to a massive dip in revenue in the short time he’s owned the company.
On Friday, Musk was in New York, appearing t the Metropolitan Opera House for an investment conference. A Daily Mail story quoted Musk as saying the revenue drop was “extremely messed up.” He said the woke brigade is “trying to destroy free speech in America.”
Friday is also the day up to a reported 3,700 employees getting their walking papers at Twitter. The move has a two-pronged effect; it will eliminate a lot of dead weight at the company and slash costs by $1 billion.
The radical woke and the progressive crowd hates Musk and is attacking him 24/7, but some investors brave enough to comment don’t feel that way. Nick Flor is a shareholder who said Twitter’s profit was negative $270 million this year and said the sight was “mainly used as a political weapon for the Democrat party.”
The brands that are fleeing and taking their ad dollars with them are almost universal in their spin job of saying they are waiting to find out more information about how content moderation will be handled under Musk.
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