Top advertisers on Twitter slashed their spending after Elon Musk's takeover, according to estimates compiled for Reuters by research firm Pathmatics, in the latest shock to the company's dominant revenue source.
Fourteen of the top 30 advertisers on Twitter stopped all advertising on the platform after Musk took charge on October 27, according to the Pathmatics estimates. Four advertisers reduced spending between 92% and 98.7% from the week before Musk's acquisition through the end of the year.
Pathmatics said the previously unreported figures on Twitter advertising are estimates. The firm bases its estimates on technologies that track ads on desktop browsers and the Twitter app as well as those that mimic user experience. Technology-focused publication The Information, citing details shared by a top Twitter ad executive at a staff meeting on Wednesday, reported that Twitter's fourth quarter revenue fell about 35% year over year due to a slump in advertising.
Forward bookings, or agreements to lock in future ads, were also down for January and February, according to research firm Standard Media Index, which did not provide details.
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