Advertisers are fleeing Twitter in droves now that Tesla and SpaceX CEO Elon Musk has taken over control.
Ever since officially closing the $44 billion deal, Musk has been busy gutting the company's executive suite and dissolving its board. Senior executives, as well as Twitter's advertising chief Sarah Personette, have departed as well.
After all, Musk has been very clear about his disdain for advertising for years now.
The resulting uncertainty has advertisers spooked — major advertising holding company IPG has already advised clients to pull out temporarily — and the billionaire CEO is in serious damage mode.
Now, Reuters reports, Musk is spending most of this week meeting with advertisers in New York, trying to reassure them that Twitter won't turn into a "free-for-all hellscape."
According to one of Reuters' sources, the meetings have been "very productive" — but plenty of other marketers are far from satisfied.
Advertisers are reportedly grilling Musk over his plans to address the rampant misinformation being spread on the platform, a trend that Musk himself has been actively contributing to since the acquisition.
And if he's succeeding in ameliorating advertisers in private, he's antagonizing them publicly. On Wednesday, Musk posted a poll asking users whether advertisers should support either "freedom of speech," or "political 'correctness'" — a type of false dichotomy that echoes the rhetoric of far-right conspiracy theorists and conservative pundits.
"Those type of provocations are not helping to calm the waters," an unnamed media buyer told Reuters.
Some are going public with the same sentiment.
"Unless Elon hires new leaders committed to keeping this 'free' platform safe from hate speech, it's not a platform brands can/should advertise on," Allie Wassum, global media director for the Nike-owned shoe brand Jordan, wrote in a LinkedIn post.
So far, Musk's plans for the social media platform remain strikingly muddy. In addition to the behind-the-scenes advertising plays, he's also announced that users will have to pay to retain their verification badge, though he's engaged in a comically public negotiation as to what the cost might be.
He's also hinted that previously banned users — former US president Donald Trump chief among them — might eventually get a chance to return, but only once "we have a clear process for doing so, which will take at least a few more weeks."
The move was seen by many as a way to wait out the impending midterm elections. After all, Twitter has played a huge role in disseminating misinformation and swaying elections in the past.
While advertisers are running for the hills, to Musk advertising is clearly only a small part of the picture — even though historically, social giants like Twitter have struggled to diversify their revenue sources much beyond display ads.
Musk nodded to that reality in a vague open letter posted last week.
"Low relevancy ads are spam, but highly relevant ads are actually content!" he wrote in the note, addressed to "Twitter advertisers."
Big picture, Twitter's operations are in free fall right now and Musk has yet to provide advertisers with a cohesive plan to pick up the pieces.
While he's hinted at the creation of a new content moderation council made up of both "people from all viewpoints" and "wildly divergent views," advertisers are clearly going to be thinking twice about continuing their business with Twitter.
With or without advertising, Twitter's finances are reportedly in a very deep hole. The billions of dollars Musk had to borrow to finance his mega acquisition will cost Twitter around $1 billion a year in interest alone.
The company also wasn't anywhere near profitable before Musk took over, losing hundreds of millions of dollars in a single quarter.
Whether that picture will change any time soon is as unclear as ever, especially in the face of a wintry economy.
But, of course, Musk has proved his critics wrong before. So anything's possible.
READ MORE: Advertisers begin to grill Elon Musk over Twitter 'free-for-all' [Reuters]
More on the saga: Elon Musk Pulling Engineers From Tesla Autopilot to Work on Twitter
The post Elon Musk Meeting With Advertisers, Begging Them Not to Leave Twitter appeared first on Futurism.
Original post:
Elon Musk Meeting With Advertisers, Begging Them Not to Leave Twitter
- Book Excerpt: One Song - November 7th, 2009 [November 7th, 2009]
- Book Review: The Mitten Tree - November 7th, 2009 [November 7th, 2009]
- Book Review: The Monkey with a Bright Blue Bottom - November 7th, 2009 [November 7th, 2009]
- Book Review: Mama, Will It Snow Tonight? - November 7th, 2009 [November 7th, 2009]
- Book Review: There's No Such Thing as Monsters! - November 7th, 2009 [November 7th, 2009]
- DVD Feature Film Review: Perestroika - November 8th, 2009 [November 8th, 2009]
- DVD Feature Film Review: Nothing Like the Holidays - November 8th, 2009 [November 8th, 2009]
- Spiritual Literacy Blog: Must We Have Bad Music in Public Spaces? - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: Angels and Dragons - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: A Soul's Journey - November 8th, 2009 [November 8th, 2009]
- Book Review: A Book of Hours - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: A Book of Hours - November 8th, 2009 [November 8th, 2009]
- Feature Film Review: Storm - November 8th, 2009 [November 8th, 2009]
- Feature Film Review: Skin - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: The Anger Diet - November 8th, 2009 [November 8th, 2009]
- Newsletter: October 31, 2009: The Abbot Who Declared The Hall Is Finished - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: Suffering and the Courage of God - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: Life-Changing Affirmations - November 8th, 2009 [November 8th, 2009]
- DVD Feature Film Review: The Answer Man - November 8th, 2009 [November 8th, 2009]
- DVD Feature Film Review: The Dead - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: Five Voices, Five Faiths - November 8th, 2009 [November 8th, 2009]
- DVD Feature Film Review: Lemon Tree (Etz Limon) - November 8th, 2009 [November 8th, 2009]
- DVD Documentary Film Review: Unmistaken Child - November 8th, 2009 [November 8th, 2009]
- DVD Documentary Film Review: Food, Inc. - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: The Workplace Revolution - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: Journeys of Courage - November 8th, 2009 [November 8th, 2009]
- Feature Film Review: The Men Who Stare at Goats - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: The Gift of Prayer - November 8th, 2009 [November 8th, 2009]
- Feature Film Review: That Evening Sun - November 8th, 2009 [November 8th, 2009]
- Feature Film Review: The Box - November 8th, 2009 [November 8th, 2009]
- Relax and Melt into a deep deep meditative state. - November 8th, 2009 [November 8th, 2009]
- Symptoms of Anxiety - November 8th, 2009 [November 8th, 2009]
- Nonduality And Spirituality---Enlightenment - November 8th, 2009 [November 8th, 2009]
- How Not to Stop Anxiety Attacks---Part 1 - November 8th, 2009 [November 8th, 2009]
- Natural Treatment for Anxiety disorders--Antidote anxiety - November 8th, 2009 [November 8th, 2009]
- What to do When Anxiety Attacks--Antidote Anxiety - November 8th, 2009 [November 8th, 2009]
- Spiritually charged metaphysical spiritual quote - November 8th, 2009 [November 8th, 2009]
- Release Technique & Non Duality& Law of attraction - November 8th, 2009 [November 8th, 2009]
- NonDuality & Manifestation - November 8th, 2009 [November 8th, 2009]
- All Is One, One is All !! - November 8th, 2009 [November 8th, 2009]
- Worrying about Anxiety---Antidote Anxiety - November 8th, 2009 [November 8th, 2009]
- Free course on Conquering Anxiety - November 8th, 2009 [November 8th, 2009]
- Manifesting Prosperity,Love manifesting,Dream Manifesting - November 8th, 2009 [November 8th, 2009]
- Stress and Anxiety Relief Treatment - November 8th, 2009 [November 8th, 2009]
- Stress and Anxiety Reduction with Brainwave entrainment - November 8th, 2009 [November 8th, 2009]
- How to Remove feeling of Fear and Anxiety - November 8th, 2009 [November 8th, 2009]
- Relieve Stress:Financial Troubles, Low Self Esteem - November 8th, 2009 [November 8th, 2009]
- Meditation, Enlightenment & Paradox - November 8th, 2009 [November 8th, 2009]
- False beliefs and Emotional Healing to develop emotional intelligence - November 8th, 2009 [November 8th, 2009]
- Millionaire Mind- Meditations Manifesting Abundance - November 8th, 2009 [November 8th, 2009]
- Three Essential requirements to learn Self Hypnosis Quickly - November 8th, 2009 [November 8th, 2009]
- Non duality and manifestation--Law of attraction - November 8th, 2009 [November 8th, 2009]
- Law of Attraction-- Manifesting Wealth Beyond Reason - November 8th, 2009 [November 8th, 2009]
- The Secret Busted--- Flaws of the Secret. - November 8th, 2009 [November 8th, 2009]
- Book Excerpt: Web of Silence - December 12th, 2009 [December 12th, 2009]
- Living Spiritual Teachers Project: Byron Katie - December 13th, 2009 [December 13th, 2009]
- Feature Film Review: Before Tomorrow - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: Sadhu Sundar Singh - December 13th, 2009 [December 13th, 2009]
- Spiritual Literacy Blog: We May Be Born with an Urge to Help - December 13th, 2009 [December 13th, 2009]
- Feature Film Review: Everybody's Fine - December 13th, 2009 [December 13th, 2009]
- Feature Film Review: Brothers - December 13th, 2009 [December 13th, 2009]
- Feature Film Review: Gigante - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: When People Grieve - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: The Light and Fire of the Baal Shem Tov - December 13th, 2009 [December 13th, 2009]
- Feature Film Review: The Last Station - December 13th, 2009 [December 13th, 2009]
- Feature Film Review: Up in the Air - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: Learning to Pray - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: Beyond Absence - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: Ecology & Liberation - December 13th, 2009 [December 13th, 2009]
- Book Feature: The Best Spiritual Books of 2009 (So Far) - December 13th, 2009 [December 13th, 2009]
- DVD Feature Film Review: Julie & Julia - December 13th, 2009 [December 13th, 2009]
- DVD Documentary Film Review: The Cove - December 13th, 2009 [December 13th, 2009]
- DVD Feature Film Review: Harry Potter and the Half-Blood Prince - December 13th, 2009 [December 13th, 2009]
- Book Review: Spirit of Service - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: Spirit of Service - December 13th, 2009 [December 13th, 2009]
- Book Review: The Wolf at Twilight - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: The Wolf at Twilight - December 13th, 2009 [December 13th, 2009]
- Book Review: Memories of Muhammad - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: Memories of Muhammad - December 13th, 2009 [December 13th, 2009]
- Book Excerpt: Humility Matters for Practicing The Spiritual Life - December 13th, 2009 [December 13th, 2009]