Musk got a big blow, suffered a loss of more than 6000 crores! know why
Elon Musk has lost half of the top 100 advertisers. In less than a month after Musk became the new owner of Twitter, these big ad companies have stopped advertising on Twitter. Because of this, the microblogging platform may suffer a loss of several thousand crores.
Image Credit source: AP
Twitter since buying Elon Musk Handling the front from many sides. Ad companies have given a big blow to Musk, who is known for his outspoken decisions. A report has revealed that Musk’s twitter chief In less than a month of its formation, top advertisers have exited the microblogging platform. These companies used to run ads on Twitter on a large scale, due to which Twitter earned a lot. However, after the withdrawal of advertisers, the social media platform is likely to suffer a loss of several thousand crores.
50 of the top 100 advertisers have spent $ 2 billion (about Rs 16,344 crore) to advertise on Twitter since 2020. According to the report of Media Matters in America, these 50 advertisers have spent $ 750 million (about Rs 6,129 crore) in 2022. If we only look at the figure of 2022, Twitter may lose deals worth more than Rs 6,000 crore due to not giving ads by advertisers.
Companies backed out from giving ads
Apart from this, from November 2021, seven different advertisers have also almost stopped spending money for ads on Twitter. These seven companies are separately included in the companies withdrawing from advertising on the microblogging platform. These seven advertisers have spent $ 255 million (about Rs 2,084 crore) on Twitter since 2020. At the same time, in 2022, about $ 118 million (about Rs 964 crore) has been spent.
Twitter will suffer
In this report, such big companies have been monitored, which are gradually reducing the expenditure on ads on social media platforms and can secretly say goodbye to Twitter. Such cases have increased after companies such as Chipotle Mexican Grill Inc., Ford and Chevrolet issued statements to stop advertising on Twitter. This is expected to reduce Twitter’s earnings.
Musk’s troubles continue
In addition to getting hit by advertisers, Musk continues to be surrounded by other problems. Celebrities like former US President Donald Trump are being targeted for unilateral decisions to restart their Twitter accounts. Due to the open verification system for all, fake users and scammers have also been allowed to buy blue ticks, they have had to face a lot of trouble.
