Elon Musk's Twitter had a devastating November and December, losing an unbelievable amount of money at the end of a tumultuous 2022.
"Twitter’s advertising revenue dropped sharply in December 2022, with ad spending from top brands falling 71 percent compared to the same month in 2021," reports Breitbart.
Major corporations are attempting to pressure Elon Musk after he made the decision to restore prominent banned conservative accounts.
The data came from Standard Media Index, and also found revenue fell by 55% in November 2022 compared to the same month in 2021.
"Even before Musk began reinstating banned accounts, IPG, one of the world’s top advertising firms, advised its clients to 'pause' advertising due to the potential for 'unsafe behaviors' to proliferate on the platform," reports Breitbart.
The massive reduction in ad revenue is a major problem for Twitter. Twitter relied on ads for 89% of its revenue in 2021, totaling $5.08 billion.
The coming months will be interesting as the nation watches to see what tech giant and Twitter CEO Elon Musk will do in the face of Twitter's "adpocalypse."
"The media has long been aware of the advertising industry’s leverage over social media platforms. Less than two months after Donald Trump’s election in 2016, the New York Times began pressuring advertisers into cracking down on ads appearing on 'fake news' websites, a buzzword used at the time to refer to virtually all conservative media that has since been replaced with 'misinformation,'" reported Breitbart.
Source: Breitbart News