According to several reports, social media platform Twitter has seen an exodus of over 500 advertisers, in the recent past, according to a person familiar with its ad business. The company has also seen its revenue fall by 40 percent, year-on-year, according to other reports.
On Wednesday, The Information reported the loss of these advertisers, citing a source familiar with the ad business of Twitter. Although there had been a dip in advertising in the social media platform, many more advertisers withdrew from the platform after the CEO of Tesla bought the site and became its CEO, as well.
Many major automakers as well as other companies paused their advertisements on the micro-blogging platform, after it got a new CEO. Many companies paused their paid promotions on the platform after they were advised to do so by their advertising agencies. Some advertisers returned after Musk offered them heavy discounts.
Elon Musk brought in not just a kitchen sink to the office of Twitter but also brought in sweeping changes to micro blogging site. Hundreds of staff were fired, while some quit on their own. Office facilities, including janitorial services, were bumped down. Some major offices of the social media platforms have not been paying their rent and are facing lawsuits.
Reports also say that the interest on the first installment of the $13 billion debt taken by Elon Musk is due by the end of January.
There is speculation whether Elon Musk will sell another bunch of shares to pay the interest at a time when the share price of Tesla has fallen.
It also appears as if the $8 per month subscription fee for its premium accounts that have a blue check might not have made the cut to become a sufficient source of revenue. The rollout of this feature had also not gone smoothly as a huge number of parody accounts were created after users paid the $8 subscription fee, following which changes were made.
Celebrity News Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins and Herbs. Become a WebFans Creator and Influencer.
Bill Gates Says Crypto is Based on Greater Fool Theory, Mocks Bored Ape NFTs
