Following Elon Musk’s purchase of Twitter, several of the world’s biggest advertisers have pulled their advertisements. New market data from Ebiquity shows large companies haven’t come back to Twitter (now X).
A report indicates that advertising information exclusively supplied to the publication shows a sharp drop in large sponsors on X after Elon Musk took charge. Ebiquity, a marketing consultant, found advertiser engagement on the site problematic.
Only two of Ebiquity’s 70 top global marketers bought X advertisements last month. This contrasts with the 31 companies that advertised there before Musk. According to Ebiquity’s chief strategy officer, Ruben Schreurs, it’s a drop they haven’t seen for any substantial advertising platform.
Ebiquity’s results contradict X’s leadership statements. Linda Yaccarino, X’s CEO, said 90 percent of the company’s top 100 clients have come back in the last 12 weeks alone. But the Ebiquity implies otherwise.
Musk has assured users that the site would be OK even if advertising income never recovers to its prior levels.
Musk accused the far left-wing ADL’s attacks for the estimated 60% advertising decline in September.
Moreover, in response to a tweet regarding a previous defamation lawsuit filed against the ADL in September, Musk said that he would sue the organization himself for the loss of almost $22 billion in value suffered by X.
Musk has lately advocated for the “disbanding” of the for-profit organization NewsGuard, whose mission is to combat what it labels “misinformation.”
His remarks followed a post to Musk’s X by Mike Benz, executive director of the Foundation for Freedom Online and a former official at the State Department.
Benz noted that NewsGuard collaborated with the EU in creating its new disinformation standard to help it combat disinformation and misinformation. Companies may face fines of as much as six percent of their annual worldwide income under the updated EU criteria or face outright bans in member states.
The website for NewsGuard claims that it provides straightforward tools for combating misinformation, benefitting readers, democracies, and brands. The firm assigns “trust ratings” to the websites in question and highlights content that it deems to be false or misleading.
NewsGuard’s clients include the U.S. Department of State, the Defense Department, and the World Health Organization (WHO).