More than 1/3 of the top 100 clients Twitter have not advertised on the platform in the past two weeks, according to figures provided by the Washington Post.

Dozens of top brands that have bought ad space on Twitter have not advertised on the platform for the past two weeks since November 7th.

Citing Pathmatics data, the Washington Post claims that companies such as: Merck (pharmaceutical), Kellogg (flakes), Verizon (telecommunications), Boston Beer (brewery), Mars (chocolates) Jeep (cars) and others have stopped advertising on Twitter in recent weeks.

At the same time, however, in recent weeks Elon Musk also laid off many employees who worked in the company’s sales department, according to the Wall Street Journal in a recent publication.

Wall Street has long viewed Twitter as a slow-moving company that promotes products whose ads can generate growing revenue.

Now, as the new owner of Twitter, Elon Musk is trying on the one hand to cut costs, and on the other hand, to find new alternative ways to raise revenue. However, Twitter is still heavily dependent on advertising. For example, last year almost 90% of the company’s revenue (which was $5 billion) came from advertising.

“Advertising industry insiders are revisiting Twitter amid chaos as Musk makes sweeping changes to both staff and platform‘, the Washington Post wrote in its article.

Matthew Quind, director of the Center for Global Brand Leadership at Columbia University Business School, argues that now that he has chosen the way to run Twitter, Musk is becoming a brand himself, and even a controversial brand, which, however, is spawning advertisers and entrepreneurs who are not yet convinced that their own products will be associated with this controversial Elon Musk brand are worried.

The disadvantage of Twitter is that it happens at the end of the year as we approach Christmas and during the World Cup when companies traditionally tend to invest more in advertising.

On the other hand, it’s worth noting that even in recent months, that is, before Twitter was officially taken over by Musk at the end of October, companies began to cut amounts from digital advertising, fearing for the course of the economy multiplied.

Source: Washington Post.