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Twitter loses 70% of its top advertisers since Musk’s arrival

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Twitter pierde 70 % de sus principales anunciantes desde llegada de Musk

New York, (EFE).- The platform Twitter has lost 72 of its top 101 advertisers in recent months, coinciding with the billionaire’s purchase of the company Elon Muskaccording to data from the company Pathmatics.

Companies such as 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 results report, presented in December 2021, before the firm was acquired by Musk, 4,506 of the 5,077 million dollars that Twitter earned 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, recently launched a payment system for verifying the identity of users, with the aim of diversifying his sources of income, although it is does not know 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 – assured that Twitter was losing 4 million dollars a day.

According to Pathmatics, the preferred platform for US companies to advertise their products or services is, by far, Facebook, which in the third quarter of this year received revenues of $6.8 billion through this channel.

They are followed, in this order, by Instagram, TickTok and Snapchat.

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