Elon Musk offers discounts to advertisers on Twitter/X; however, there's a catch

In a bid to woo advertisers back on 'X' or Twitter as it's widely known, Elon Musk has offered to cut down advertising prices by almost 50%. The platform is also offering incentives on certain advert formats in the US and the UK as per a Wall Street Journal report.

However, there is a catch. Emails sent to brands reveal that advertisers can lose their verified badges if they fail to spend certain kind of monies on the platform, Wall Street Journal reported.

From August 7, brands will lose their gold verification mark if they haven't spent at least $1,000 on advertising in the last 30 days or $6,000 on ads in the previous 180 days, the email states.  X is offering companies 50 percent off video ads that run alongside the trending topics on any new bookings until July 31.

Verification is a key factor on the platform as companies fear impersonation of their brand names. Ever since, Musk has made badges 'saleable' there have been incidents of miscreants using brand names and misrepresenting brands.

Advertiser spending on X (Twitter) has dropped significantly ever since Musk has taken over the platform. Brands say they have been concerned over the platform's approach and content moderation. Factors like limited posting, viewing, impersonification of brands have been some key concerns.