Twitter's ad revenue and adjusted earnings dropped 40% year-over-year in December as hundreds of clients paused spending on the social media giant.
that advertisers slashed their spending on Twitter after Elon Musk’s chaotic $44 billion acquisition of the social media platform in late October.
Elon Musk Twitter account displayed on a phone screen and Twitter logo displayed on a laptop screen are seen in this multiple exposure illustration photo taken in Poland on Dec. 26, 2022., Musk lamented the company’s "massive drop in revenue," which he attributed to "activist groups pressuring advertisers."
Big-name companies like General Mills, United Airlines and Oreo Mondelez were among firms that pulled spending amid concerns about content moderation. Musk said in December that the company was on track to be "roughly cash flow break-even" in 2023. Twitter made its first interest payment in January on a loan that banks provided to help finance Musk’s purchase.
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