According to a report, over 500 of Twitter’s advertisers have stopped spending money on the platform since Elon Musk took over the microblogging site last year. On the same day, the social media company’s daily revenue was 40% lower than the same day a year ago.
Since the Tesla Chief took over Twitter, the company fired more than 3,000 staff and has restored several controversial accounts to the platforms. The company also introduced a paid verification feature that led to scammers impersonating companies on the platform.
Advertisers have escaped largely due to pressure from powerful civil rights organisation groups, namely the Anti-Defamation League (ADL) and National Association for the Advancement of Colored People (NAACP). The groups began a campaign against Twitter following Elon Musk’s decision to bring back Donald Trump onto the platform last year.
Twitter has also reversed its 2019 ban on political ads recently, saying that it would relax advertising policy for ‘cause-based ads’ in the United States and align its ad policy with TV and other media outlets.
The social media platform also rolled out a new user interface that is only available on the iOS version of the Twitter app. The updated interface replaces the ‘Home’ and ‘Latest’ tabs with ‘For You’ and ‘Following’ tabs and lets users easily switch between the two.
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