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Home»Business»‘Massive drop in Twitter’s revenue’: Elon Musk hits out at ‘activist groups’
Business

‘Massive drop in Twitter’s revenue’: Elon Musk hits out at ‘activist groups’

November 7, 2022No Comments2 Mins Read
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New proprietor Elon Musk stated on Friday that Twitter Inc had seen a “large” drop in income and blamed activist teams pressuring advertisers.

The world’s richest particular person, who took management of the social media firm final week, stated the decline got here “though nothing has modified with content material moderation and we did all the pieces we might to appease the activists.”

“Extraordinarily tousled! They’re attempting to destroy free speech in America,” he stated in a tweet.

Twitter has had an enormous drop in income, on account of activist teams pressuring advertisers, though nothing has modified with content material moderation and we did all the pieces we might to appease the activists.

Extraordinarily tousled! They’re attempting to destroy free speech in America.

— Elon Musk (@elonmusk) November 4, 2022

It was not instantly clear who Musk was referring to as “activists”.

Twitter recorded a fall in income in its final reported quarterly ends in July, blaming Musk’s $44 billion buyout proposal and a weakening digital promoting market. Surging inflation and fears of a recession have compelled some advertisers to slash their budgets.

Advert gross sales accounted for greater than 90% of Twitter’s income within the second quarter.

At a presentation for advertisers in Could, some advert businesses and types have been already skeptical on considerations that Musk would reduce content material moderation and safety safety on the platform.

A number of corporations together with Basic Mills Inc and luxurious automaker Audi of America have paused promoting on Twitter since Musk accomplished his buy, whereas Basic Motors Co stated it had quickly halted paid promoting.

Musk final month stated he desires Twitter to be “essentially the most revered promoting platform” and never a “free-for-all hellscape”, in a bid to achieve the belief of advert consumers forward of the shut of his deal.

Twitter will type a content material moderation council “with extensively various viewpoints”, Musk tweeted final Friday, including that no main content material selections or account reinstatements will occur earlier than the council convenes. (Reporting by Tiyashi Datta and Nivedita Balu in Bengaluru; Enhancing by Sriraj Kalluvila)

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