Elon Musk is working to increase Twitter's revenue, but he has a big problem. Biggest advertisers are busy leaving Twitter. What's wrong?
Apparently, advertisers were concerned that Twitter would be filled with hate speech after Elon Musk indicated it would loosen moderation. The freedom of speech that Elon is worried about will only worsen Twitter's image and make advertisers back off.
Even now, Twitter is reportedly already filled with inappropriate content. One of the big advertisers suspending ads on Twitter is Audi. "We will continue to evaluate the situation," said a spokesman for the German car company.
There is also General Motors which is also temporarily not advertising on Twitter. "We're trying to understand the direction of this platform," they said, quoted by Newsweek.
Pfizer to Volkswagen reportedly taking similar steps. On the other hand, the civil rights coalition, nicknamed #StopToxicTwitter, called on big companies to stop advertising on Twitter.
The group has sent letters to Amazon, Apple, Coca Cola, Disney, to Procter & Gamble. They assess hate speech and similar content has increased on Twitter since it was controlled by Elon Musk.
Elon Muk himself admitted that he said that Twitter's revenue had dropped after advertisers left. In an interview at the Baron Investment Conference event, Musk reiterated his comments about pressure from activist groups.
"We're not changing our operations at all," Musk said while speaking onstage at the event, as quoted by CNBC.
"And we've done our best to satisfy them and nothing has worked. So this is a major concern. And I think honestly this is an attack on the First Amendment."
