Elon Musk has lost top advertisers on Twitter in less than a month: Study

San Francisco: Research revealed that Elon Musk lost half of the top 100 advertisers on Twitter in less than a month after the billionaire took office.

According to Media Matters in the US, 50 of the top 100 advertisers have spent nearly $2 billion on the platform since 2020 and more than $750 million on ads in 2022 alone.

Furthermore, as of November 21, seven other advertisers appear to be reducing their ads on Twitter to almost nothing, other than those who appear to have stopped advertising.

According to the study, since 2020, these seven advertisers have spent more than $255 million on Twitter and nearly $118 million in 2022.

The report tracks a number of large companies that could be considered “silent quitters” that are gradually pulling ad spend away from social platforms.

This comes after companies such as Chipotle Mexican Grill Inc., Ford and Chevrolet issued statements confirming their intention to pause advertising on Twitter, the study said.

Even with these ad losses, Elon Musk continues to engage in brand-unsafe actions, including amplifying conspiracy theories, unilaterally reinstating banned accounts like the former President. US Donald Trump, flirting with and interacting with far-right accounts and implementing a random verification system that allows extremists and scammers to buy green checks.