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Elon Musk says Twitter has seen a “massive” drop in revenue

by SuperiorInvest

Elon Musk, founder and chief engineer of SpaceX, speaks during the Satellite 2020 conference in Washington, DC, United States on March 9, 2020.

Yasin Ozturk | Anadolu Agency | Getty Images

Twitter has suffered a “massive drop in revenue” due to advertisers suspending advertising on the social media platform, Elon Musk, the company’s new owner, said on Friday.

In his tweet, Musk blamed “activist groups pushing advertisers.” He said Twitter had not changed its content moderation strategy, adding that the company had done “everything we could to appease activists”.

Musk did not specify how much revenue the company lost as a result of the recall, or how he could attribute that loss to pressure from activist groups.

Musk repeated his comments in an interview at the Baron Investment Conference on Friday.

“We haven’t made any changes to our operations at all,” Musk said on stage during the event. “And we’ve done everything we can to appease them, and nothing’s working. So this is the main issue. And I think it’s honestly an attack on the First Amendment.”

In recent days, a number of companies have said they will temporarily to pause their ad spending on Twitter to see how things would change there under Musk’s ownership. Tesla competitors General Motors and Audi and the food titan General Mills are among the companies that suspended spending on Twitter after Musk completed its $44 billion acquisition on Oct. 28. Advertising giant IPG advised clients temporarily suspend your Twitter media plans as well.

Twitter notified employees Thursday night that it will begin laying off employees, according to a memo obtained by CNBC. Twitter’s content moderation team is expected to be among those affected by the layoffs, Reuters he said, referring to employee tweets.

— CNBC’s Lora Kolodny contributed to this story.

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