Elon Musk says Twitter has seen a huge drop in revenue

Elon Musk says Twitter has seen a huge drop in revenue

Elon Musk says Twitter has seen a huge drop in revenue

Elon Musk, founder and chief engineer of SpaceX, speaks during the Satellite 2020 conference in Washington, DC, US on March 9, 2020.

Yasin Ozturk | Anadolu Agency | Getty Images

Twitter has suffered a “massive drop in revenue” due to advertisers pausing to advertise on the social media platform, the company’s new owner, Elon Musk, said Friday.

In a tweet, Musk blamed “activist groups putting pressure on advertisers”. He said Twitter had not changed its content modification strategy, and added that the company had done everything it could to please activists.

Musk did not specify how much revenue the company lost from the withdrawal, or how he was able to attribute that loss to pressure from activist groups.

Musk reiterated his comments in an interview at Barron’s Investment Conference on Friday.

“We haven’t made any changes to our operations whatsoever,” Musk said on stage during the event. “And we did our best to calm them down and nothing worked. So that’s a huge concern. And I think this is frankly an attack on the First Amendment.”

In recent days, a number of companies have said that they will do so temporarily Pause your Twitter ad spend to see how things will change there under Musk’s ownership. Tesla competitors General motors And Audi, food Titan general mills Among the companies that paused Twitter spending after Musk completed the $44 billion acquisition on October 28. advise clients to pause their media plans on Twitter as well.

Twitter notified employees Thursday night that it will begin laying off employees, according to communications obtained by CNBC. Twitter’s content moderation team is expected to be among those affected by the job cuts, Reuters reported, citing tweets by staff.

CNBC’s Laura Kolodny contributed to this story.

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