Musk Says Twitter Had ‘Massive Drop’ in Revenue on Ad Pullback
Elon Musk said that advertiser fears over content moderation on Twitter Inc. caused a “massive drop in revenue” at the platform even though no changes have been made.
The comments come after brands including Audi, Pfizer Inc. and General Mills Inc. said they planned to temporarily pause spending on the platform while they wait to see how it evolves under Musk's leadership.
Musk, who has branded himself a free-speech advocate, has said he wants to change how the website treats controversial content, while reassuring advertisers that he doesn't want it to turn into a “free-for-all hellscape, where anything can be said with no consequences.”
The billionaire paid $44 billion for Twitter after a contentious courting process that has resulted in a clear-out of senior management once the Tesla Inc. CEO took over. Musk's ownership has already brought immediate disruption to Twitter's operations, in part because many of his ideas for how to change the company are at odds with how it has been run for years.