X, formerly known as Twitter, has had a thrilling ride ever since Elon Musk's takeover of the social media platform.
According to Breitbart, the ride hasn't been all that fun as far as revenue is concerned, at least according to exclusive data provided to Business Insider by consulting firm Ebiquity.
The marketing data, which seems to be at odds with statements made by X's top executives, paints a dire picture of the company's ad partnerships with the top brands in the world ever since Musk took over.
"An overwhelming majority of the world’s biggest-spending advertisers have stopped advertising on X following Elon Musk’s acquisition of the company," the new data indicated.
Ruben Schreurs, Ebiquity’s chief strategy officer, noted that only two of the company's clients bought ads on Twitter last month, which is a sharp drop from the 31 clients who were purchasing ads each month before Musk bought the platform.
"This is a drop we have not seen before for any major advertising platform," Schreurs said.
Twitter One Year Under Musk: Users Crash 16%, Downloads Down 38%, Ad Revenue Craters https://t.co/V03JrSgztf
— Mediaite (@Mediaite) October 26, 2023
Linda Yaccarino, the platforms new CEO and a former high-profile advertising executive, recently stated that "90% of the top 100 advertisers have returned to X in the last twelve weeks alone."
In September, Musk torched the Anti-Defamation League (ADL), accusing it of being responsible for a sharp ad revenue drop.
Bloomberg noted in a report at the time:
The non-profit organization has been “trying to kill” the platform since he bought it last year, by “falsely accusing” it and him of being anti-Semitic, he said, adding that legal action was one possible option if it persisted with its accusations. Musk said he was “pro free speech” but against anti-Semitism “of any kind.”
Musk, at the time, slammed the ADL in a series of posts, even threatening legal action at one point.
If this continues, we will have no choice but to file a defamation suit against, ironically, the “Anti-Defamation” League.
If they lose the defamation suit, we will insist that they drop the the “anti” part of their name, since obviously … 😂
— Elon Musk (@elonmusk) September 4, 2023
Musk also admitted at the time that due to his massive overhaul of the company's overhead upon his takeover, which slashed expenses, he doesn't need the same number of high-level advertisers to stay afloat. But he admitted "it would be nice" to see them come back.
Only time will tell what happens, but it appears that Musk is doing just fine with Twitter, and he continues to improve the platform consistently.
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