Elon Musk owner of Twitter: Advertisers flee, advertising down 71%

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Elon Musk owner of Twitter: Advertisers flee, advertising down 71%

Since Elon Musk took became Twitter new ownership, the social media advertisers have been on the run, with advertising reportedly dropping on social media by 71% in December 2022 alone. The situation is highlighted above all by the data, published by the Standard Media Index, relating to November and December: in two particularly favorable months of the year for advertising sales, Twitter recorded -55% and -71% advertising sold over the same period last year.

Results made even worse by the fact that the platform's management has launched an expansion of the boundaries on the categories of advertising shown, including, for example, politicians' commercials. According to the analysis of the analyst group Pathmatics, the sharp drop in advertising sales in November and December is certainly no coincidence.

In fact, it was born in correspondence with Twitter's choice to grant any user the blue check, provided they pay a subscription of $7.99 a month. A decision that has created much controversy. Elon Musk, during a meeting with all Twitter employees, talked about the future plans that involve the famous social media, transforming it into a bank.

After the first wave of layoffs, Musk explained the company's next steps to increase revenue and have a positive balance sheet. Not everyone is convinced though. Twitter security officials Lea Kissner, Chief Information Security Officer, Damien Kieran Chief Privacy Officer, and Marianne Fogarty, Chief Compliance Officer, have decided to quit their jobs.

The new Twitter CEO will introduce the ability to make payments via Twitter. Old goals, in fact, like Musk did at the time with Paypal. Musk explained: "Payments are really just an exchange of information. From an information point of view, there isn't a big difference, say, between sending a direct message and sending a payment.

They are basically the same thing. This is definitely one direction we will go in, allowing people on Twitter to send money anywhere in the world instantly and in real time. We just want to make it as useful as possible."

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