72 of Twitter’s top advertisers rush for the door

Twitter has lost 72 of its top 101 advertisers in recent months, coinciding with Elon Musk’s purchase of the company, according to data from the Pathmatics company.

Zoom, Wells Fargo, Pfizer, Volkswagen, Toyota, Nike, and McDonald’s are among the companies that have paused the purchase of advertising space on the social network, which represents a strong setback for the company, which at least until 2021, earned 88.7% of its revenue from advertising.

According to the last annual report of results, presented in December 2021, before the firm was acquired by Musk, $4.506  billion of the $5.77 billion that Twitter entered that year were through advertising.

The Wall Street Journal reports that to stop this bleeding, those responsible for Twitter are holding meetings with representatives of these companies and have promised them the introduction of new advertising tools.

Musk, who announced two days ago that he will resign from his position when he finds an executive director to run the platform, launched a payment system for verifying the identity of users, with the aim of diversifying his sources of income, although it is unknown the success of the initiative.

On November 4, the tycoon, who has fired more than half of the company’s staff – according to calculations by various media outlets – said that Twitter was losing 4 million dollars a day. – EFE News Agency