For a company that depends on advertising revenue to survive, losing said advertising revenue is a terrible thing. Unfortunately Elon Musk‘s very new, that’s exactly what’s happening. When the FIFA World Cup started in Qatar on Nov. 20, Twitter’s advertising revenue reached 80 percent below expectations, at New York Times report.
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These are expectations for a week, mind you, but they don’t paint a good picture of what’s happening on Twitter right now. The World Cup is the biggest show of the world’s most popular sports and is held every four years, so they should be time for Twitter ad money. However, according to the Times, it did not happen. Per the Times, Twitter’s internal estimates for the last quarter of 2022 have been reduced from $1.4 billion to $1.1 billion.
The explanation for this is that advertisers have been fleeing Twitter in large numbers since Musk took over in late October. Half of the advertisers on this site are he says he’s gone, including heavy hitters like Chipotle, Ford, and Chevrolet. Musk has restored it Account ban issues and Shut down this website’s false information about COVIDand the idea is that big companies don’t want their products to be seen next to offensive tweets.
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A special report by the Times found that Animosity has run high on Twitter since Musk took over, too.
As Musk’s ownership of Twitter continues, it will be interesting to see if his free speech eventually leads to better business ideas.
