Elon Musk in Deep Trouble as Even More Advertisers Are Planning to Leave Twitter's Toxic Cesspool

Also: Advertiser exodus from X gathers pace with 26% ‘planning to cut spending’ (The Guardian)

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Source: Futurism

Elon Musk in Deep Trouble as Even More Advertisers Are Planning to Leave Twitter's Toxic Cesspool

Sep 6, 9:15 AM EDT
byFrank Landymore
/ Future Society

Advertisers, and the precious revenue they bring, have been fleeing X-formerly-Twitter ever since Elon Musk took it over in October 2022, bringing with him a groundswell of hate speech, misinformation, and racist rhetoric — a lot of which has come from his own account.

Now the site's marketing prognosis, already dire, is about to get worse. New research from the data firm Kantar indicates that a record 26 percent of advertisers plan to cut spending on Twitter next year, which could be a death sentence for a site whose revenues were already in freefall.

As CNN reports, this would be the biggest withdrawal from a major ad platform on record.

"Marketers are brand custodians and need to trust the platforms they use," Gonca Bubani, a director of global thought leadership at Kantar, said in a statement, as quoted by The Guardian.

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Read more: https://futurism.com/the-byte/more-advertisers-to-leave-twitter

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Source: The Guardian

Advertiser exodus from X gathers pace with 26% ‘planning to cut spending’

Annual survey highlights growing concern about platform content and trust in information disseminated

Mark Sweney Media business correspondent
Thu 5 Sep 2024 00.01 BST
Last modified on Thu 5 Sep 2024 02.30 BST

More than a quarter of advertisers are planning to cut spending on Elon Musk’s X over concerns about the social media platform’s content and trust in the information disseminated, according to new global research.

Advertising revenue flowing to X has been in freefall since Musk bought the site, then known as Twitter, for $44bn (£38bn) in October 2022, claiming it had not lived up to its potential as a platform for “free speech”.

However, Musk’s erratic and controversial behaviour on X, where he has almost 200 million followers, has fuelled a backlash from advertisers who have cut back or stopped running promotions there.

Research by data firm Kantar, based on interviews with 18,000 consumers and 1,000 senior marketers around the world, has found that 26% of marketers are planning to cut back ad spend on X in 2025.

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Read more: https://www.theguardian.com/media/article/2024/sep/05/advertiser-exodus-x-survey-2025-elon-musk