The majority of the top 100 marketers on Twitter don’t seem to be doing so anymore. Since 2020, these 50 marketers have spent over $750 million on Twitter advertisements alone, according to research by Media Matters for America.
According to the study that came out on Tuesday, seven more marketers have drastically reduced their spending on marketing. Since 2020, Twitter has received more than $255 million from these businesses.
Chevy, Chipotle Mexican Grill, Inc., Ford, Jeep, Kyndryl, Merck & Co., and Novartis AG all made announcements concerning the suspension of Twitter advertisements, or it was rumored and verified that they had done so. For a “considerable stretch of time after direct outreach, controversies, and warnings from media buyers,” the others stopped running advertisements on the site.
In spite of the decline in advertising income, Twitter CEO Elon Musk has “continued his rash of brand risky behaviors,” according to the study. These include “amplifying conspiracy theories,” “unilaterally restoring banned accounts such as that of former President Donald Trump,” “trying to court and interact with far-right profiles,” and “initiating a chaotic verification method that enabled extremists and fraudsters to acquire a blue check.”
The new blue checkmark method has drawn criticism from Twitter users including novelist Stephen King. It was simple to authenticate a tweet’s origins thanks to the symbol used to identify the identification of Twitter accounts.
The day after a fake Eli Lilly and Co. account claimed that “insulin is free today,” replete with a blue check mark that had been bought, the pharmaceutical corporation ceased running advertisements on Twitter.
Although Twitter was understaffed as a result of recent layoffs and resignations, Eli Lilly urged them to remove the message, but it was left up for hours. The tweet received thousands of likes and retweets, and Eli Lilly’s shares subsequently fell.
According to Endpoints News and Pathmatics, a company that tracks trends in corporate advertising and digital marketing, 12 large pharmaceutical companies shortly ceased purchasing Twitter advertisements.
“Pretty soon the only advertiser remaining on Twitter will be My Pillow,” King joked on Twitter. Mike Lindell, a supporter of Donald Trump, is the owner of the pillow manufacturing firm. SpaceXMania contacted Twitter for comment, but they did not answer right away.