Elon Musk says Twitter has suffered a ‘massive’ revenue drop due to pressure from an activist group on advertisers

Elon Musk says activist groups lobbying Twitter advertisers have caused the social media giant to see a “massive drop in revenue”.

“Twitter has seen a massive drop in revenue, due to activist groups pressuring advertisers, although nothing has changed with content moderation and we’ve done everything we can to appease the activists” , Musk tweeted on Friday. “Extremely messed up! They are trying to destroy free speech in America.

A group of more than 40 organizations, including the NAACP and GLAAD, sent an open letter calling on Twitter’s 20 largest advertisers to stop advertising on the platform if Musk reverses its current content moderation practices.

The letter claims that within 24 hours of Musk taking over Twitter, the platform was “inundated with hate and misinformation.”

“We know brand safety is of the utmost importance to you,” the letter reads. “As such, you also have a moral and civic obligation to take a stand against the degrading of one of the world’s most influential communications platforms, and to hold Musk to his promise to you to do so. so that Twitter is a welcoming and civil place”. for everyone.”

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The letter is addressed to the chief executives of Amazon, Anheuser-Busch, Apple, Capital One, CBS, CenturyLink, Coca-Cola, Comcast, Best Buy, Disney, Google, HBO, IBM, Merck, Meta, Mondelez International, PepsiCo, Procter & Gamble, Unilever and Verizon.

Teleprinter Security Last To change To change %
AMZN AMAZON.COM INC. 88.53 -0.78 -0.87%
BUD ANHEUSER-BUSCH INBEV 49.16 -0.34 -0.69%
AAPL APPLE INC. 138.88 -6.15 -4.24%
COF CAPITAL ONE FINANCIAL CORP. 98.82 -4.39 -4.25%
PARA WORLD PARAMOUNT 3:37 p.m. -0.84 -5.21%
KO THE COCA-COLA CO. 58.78 -0.03 -0.05%
CMCSA COMCAST CORP. 30.38 -0.53 -1.71%
BBY BEST BUY CO. INC. 67.07 +1.06 +1.61%
SAY THE WALT DISNEY CO. 99.25 -2.57 -2.52%
GOOGL ALPHABET INC. 84.78 +1.35 +1.62%
WBD WARNER BROS. DISCOVERY INC. 10.28 -1.70 -14.16%
IBM INTERNATIONAL BUSINESS MACHINES CORP. 134.47 -2.36 -1.72%
M.K.R. MERCK & CO. INC. 98.75 -0.65 -0.65%
META META PLATFORMS INC. 88.80 -0.11 -0.12%
MDLZ MONDELEZ INTERNATIONAL INC. 62.00 -0.58 -0.93%
DYNAMISM PEPSICO INC. 177.78 -0.46 -0.26%
PG PROCTER & GAMBLE CO. 132.03 -0.91 -0.68%
UL UNILEVER API 44.62 -0.30 -0.67%
VZ VERIZON COMMUNICATIONS INC. 37.15 -0.56 -1.49%

An HBO spokesperson told FOX Business that it will “evaluate the platform under its new leadership and determine appropriate next steps.” Representatives for the other companies did not immediately return FOX Business’ request for comment.

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Musk previously promised in a letter to advertisers that Twitter would be “welcoming to all” and not become a “hellscape free for all.”

“Fundamentally, Twitter aspires to be the world’s most respected advertising platform that builds your brand and grows your business,” he added.

The billionaire also announced that Twitter would form a content moderation council with “widely divergent views”. He noted that board members will include representatives from the civil rights community and groups dealing with hate-fueled violence.

“Twitter will not allow anyone who has been removed from the platform for violating Twitter rules until we have a clear process to do so, which will take at least a few more weeks,” Musk tweeted on Wednesday. .

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On Monday, Twitter’s chief security and integrity officer, Yoel Roth, tweeted that the company has been focused on “countering the rise in hateful behavior” on the platform.

Between Oct. 29 and Oct. 31, more than 1,500 accounts engaging in hateful behavior were removed from Twitter, with impressions of their content reduced to nearly zero, according to Roth.

“We are changing how we apply these policies, but not the policies themselves, to fill in the gaps here,” Roth added. “You will hear more about me and our teams in the days to come as we progress.”

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In addition to the letter, General Motors told FOX Business that he has suspended advertising on Twitter while he engages with the company to “understand the direction of the platform under their new ownership”.

Advertising firm Interpublic Group of Companies has advised customers of its Media Brands buying arm to temporarily suspend paid advertising on Twitter for at least a week to await further clarity on its trust and safety plans, a source says. close to the file.

Teleprinter Security Last To change To change %
GM GENERAL MOTORS CO. 38.51 -0.01 -0.03%
IPG INTERPUBLIC GROUP OF COS. INC. 28.74 -0.34 -1.17%

The Wall Street Journal reported that advertising agency Havas Media Group also recommended that its clients temporarily suspend advertising. Additionally, GroupM told the Journal that about 10 of its clients have said they will stop advertising on Twitter if former President Donald Trump returns to the platform.

A GroupM spokesperson told FOX Business that its customers “continue to assess their posture based on real-time developments,” but declined to comment further.

Representatives for IPG and Havas Media did not immediately respond to requests for comment from FOX Business.

Twitter recorded total revenue of $1.18 billion in the second quarter of 2022, with ad revenue accounting for $1.08 billion.

Sallie R. Loera