Elon Musk said Friday, Nov. 4, that Twitter has seen a “massive drop in revenue,” as a growing number of advertisers pause spending on the platform in the wake of his $44 billion acquisition, reports CNN.
“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,” he said in a tweet. “Extremely messed up! They’re trying to destroy free speech in America.”
According to CNN: “The remarks come as brands, including General Mills and the Volkswagen Group, pause advertising on the social network and as civil society organizations called on Twitter’s advertisers to halt all spending globally, citing uncertainty about the direction of the company under Musk.”
“We have paused advertising on Twitter,” Kelsey Roemhildt, a spokesperson for General Mills, told CNN in a statement. “As always, we will continue to monitor this new direction and evaluate our marketing spend,” the spokesperson said.