Seven additional advertisers seem to be reducing their advertising on Twitter to almost nothing.
According to a recent study, Elon Musk has lost half of the top 100 advertisers on Twitter in less than a month after the billionaire took office.
According to Media Matters in America, 50 of the top 100 advertisers have spent nearly $2 billion on the platform since 2020, and more than $750 million on advertising in 2022 alone.
As of November 21, seven additional advertisers seem to be reducing their advertising on Twitter to almost nothing, in addition to those who appear to have stopped advertising. As per the study, since 2020, these seven advertisers have spent more than $255 million on Twitter and nearly $118 million in 2022.
This comes after companies like Chipotle Mexican Grill Inc., Ford, and Chevrolet issued statements confirming their intention to pause their ads on Twitter, says the study.