Advertising spend on Twitter Inc dropped by 71% in December, data from an advertising research firm showed, as top advertisers slashed their spending on the social-media platform after Elon Musk's takeover.
The recent data by Standard Media Index comes (SMI) as Twitter is moving to reverse the advertiser exodus. It has introduced a slew of initiatives to win back advertisers, offering some free ads, lifting a ban on political advertising and allowing companies greater control over the positioning of their ads.
According to the SMI data, ad spending on Twitter in November fell 55% from last year despite these months traditionally being a time of higher ad spending as brands promote their products during the holiday season.
Twitter did not immediately respond to a Reuters request for comment.