Twitter’s advertising revenue has cratered since Elon Musk’s takeover of the social media platform, new estimates suggest. At least 14 of the company’s top 30 advertisers have stopped spending altogether—while just six of those have increased their spending between Oct. 27 and Dec. 31, Reuters reported, citing a report from market research firm Pathmatics. Overall, cashflow from Twitter’s largest accounts has fallen a stunning 42%, Pathmatics estimates—though the firm admits that company incentives, promoted tweets and other variables may mean its estimates are off by a small amount. Twitter did not respond to Reuters’ requests for comment. Musk previously admitted during a Twitter Spaces event that many advertisers had paused buys following the takeover to “see how things are evolving,” but claimed that many would come back after things at the social media giant stabilized.
