Partnership with Twitter
Some 625 companies, including brands such as Coca-Cola, Unilever, Wells Fargo, Jeep and Merck have suspended Twitter since Musk acquired the corporation in late October. From October to 25 January, monthly advertising revenue fell by more than 60%, from $127 million to $48 million.
Earlier it was reported that Twitter CEO Elon Musk appealed to his 128 million followers to get them to like his recommended posts on the popular social network. He published several tweets urging platform users to leave comments and likes to improve the performance of posts within the social network.
It was also noted that about half of Twitter's top 1,000 advertisers stopped investing in advertising on the platform in the first weeks of 2023.
According to a report from Pathmatics, leading advertisers have cut back on their ad spending on the social network Twitter.
Earlier this month, Musk tweeted that the previous three months had been "extremely difficult as we had to save Twitter from bankruptcy", but that the company was "now aiming to break even if we keep it up".
You can also read a news story previously published by GlobalNY.biz about Elon Musk found not guilty of fraud over Tesla tweet in 2018.
What went wrong?
Everyone knows that immediately after Elon Musk bought Twitter, he fired a number of members of the company's management team, including CEO Parag Agrawal and CFO Ned Segal. According to documents posted on the US Securities and Exchange Commission's database, Musk also dissolved the board of directors and became the sole executive of the company.