Twitter: Daily Revenue Drops By 40% As Over 500 Advertisers Halt Ads

Over 500 advertisers who previously worked with microblogging platform, Twitter, have halted spending on the platform since Elon Musk took control in October 2022.

A senior Twitter manager, Siddharth Rao, informed employees of the development, adding that the platform’s daily revenue has dropped by 40%, compared to Jan 17, 2022, the Information reports.

THE WHISTLER reported in late 2022 that Musk warned employees about the possibility of the platform going bankrupt, stating that Twitter would not be able to “survive the upcoming economic downturn” if it fails to boost subscription revenue to offset falling advertising income.

Twitter is already $13 billion in debt following Musk’s acquisition and various corporate entities who advertised with the platform have continued to flee the platform, including popular food chain, Chipotle Mexican Grill, and American automobile manufacturer, General Motors.

Numerous employees have also resigned from the company including, most recently, Twitter’s French Head of Operations, Damien Viel.

Over 110 Twitter employees across at least four continents had announced their decision to leave in public Twitter posts. Over 500 also put up farewell messages on Twitter’s internal chat tool.