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.
Read more here:
Elon Musk Meeting With Advertisers, Begging Them Not to Leave Twitter
- Who are We? - November 7th, 2009 [November 7th, 2009]
- Vilsack targeted for his Pro-GMOs stand - November 7th, 2009 [November 7th, 2009]
- Call for technology to produce cellulosic ethanol - November 7th, 2009 [November 7th, 2009]
- Kenyan scientists weigh on GMOs - November 7th, 2009 [November 7th, 2009]
- Indian researcher makes a case for biotechnology - November 7th, 2009 [November 7th, 2009]
- Michigan smoothens the way for alternative energy investors - November 7th, 2009 [November 7th, 2009]
- Link of ethanol use to high food prices questioned - November 7th, 2009 [November 7th, 2009]
- EU challenges France on GM Maize - November 7th, 2009 [November 7th, 2009]
- POET rolls out cellulosic ethanol plant - November 7th, 2009 [November 7th, 2009]
- There’s a bright future for cellulosic ethanol investment - November 7th, 2009 [November 7th, 2009]
- Cellulosic ethanol can considerably reduce gasoline use by 2030 - November 7th, 2009 [November 7th, 2009]
- Human Genetic Engineering - Background - November 7th, 2009 [November 7th, 2009]
- Human Genetic Engineering - History - November 7th, 2009 [November 7th, 2009]
- Human Genetic Engineering - Methods - November 7th, 2009 [November 7th, 2009]
- Human Genetic Engineering - Uses - November 7th, 2009 [November 7th, 2009]
- Human Genetic Engineering - Controversy - November 7th, 2009 [November 7th, 2009]
- Human Genetic Engineering - In popular culture - November 7th, 2009 [November 7th, 2009]
- Human genetic engineering - An Introduction - November 7th, 2009 [November 7th, 2009]
- Human Genetic Engineering - A Very Hot Issue! - November 7th, 2009 [November 7th, 2009]
- What are the risks of genetic engineering in humans? (human genetic engineering) - November 7th, 2009 [November 7th, 2009]
- What are the benefits of human genetic engineering? (human genetic engineering) - November 7th, 2009 [November 7th, 2009]
- Genetic Engineering - Ethics and Controversy - November 7th, 2009 [November 7th, 2009]
- Genetic Engineering Ethics In Science Fiction - November 7th, 2009 [November 7th, 2009]
- Genetic Engineering Ethics - November 7th, 2009 [November 7th, 2009]
- Welcome to Pest Control Exterminator Network - December 13th, 2009 [December 13th, 2009]
- OMD - Genetic Engineering - August 27th, 2011 [August 27th, 2011]
- X-Ray Spex - Genetic Engineering - August 27th, 2011 [August 27th, 2011]
- Ancient Alien Nephilim, Giants, Mutants, Genetic Engineering, and Hybrids (2-6) - August 28th, 2011 [August 28th, 2011]
- Human-Plant Hybrid (Genetic Engineering at Home) - August 28th, 2011 [August 28th, 2011]
- Ancient Alien Nephilim, Giants, Mutants, Genetic Engineering, and Hybrids (1-6) - August 29th, 2011 [August 29th, 2011]
- 3. Genetic Engineering - August 29th, 2011 [August 29th, 2011]
- Genetic engineering nightmare - August 31st, 2011 [August 31st, 2011]
- Ancient Alien Nephilim, Giants, Mutants, Genetic Engineering, and Hybrids (3-6) - August 31st, 2011 [August 31st, 2011]
- Future of genetic engineering - by Futurist Dr Patrick Dixon. Genetic mutations and genetic disorders. Gene science by conference keynote speaker - September 2nd, 2011 [September 2nd, 2011]
- Genetic engineering: The world's greatest scam? - September 3rd, 2011 [September 3rd, 2011]
- Watch Fed Up! Genetic Engineering, Industrial Agriculture and Sustainable Alternatives Full Movie Online Part 1/15 - September 3rd, 2011 [September 3rd, 2011]
- Ancient Alien Nephilim, Giants, Mutants, Genetic Engineering, and Hybrids (5-6) - September 5th, 2011 [September 5th, 2011]
- Genetic Engineering, Humans with Animals. - September 6th, 2011 [September 6th, 2011]
- Is Genetic Engineering Good for the Environment? - September 7th, 2011 [September 7th, 2011]
- Open Source Food and Genetic Engineering - Michael Pollan - September 10th, 2011 [September 10th, 2011]
- Ancient Alien ( demons ) Nephilim Giants, Mutants Genetic Engineering and Hybrids.avi - September 11th, 2011 [September 11th, 2011]
- MUST SEE : Genetic Engineering Corn Grows in Sand ! For Those That Appreciate Nature ! - September 12th, 2011 [September 12th, 2011]
- Designing Humanity - Genetic Engineering - September 14th, 2011 [September 14th, 2011]
- Genetic Modification | QUEEN ANNE SCIENCE CAFE - September 14th, 2011 [September 14th, 2011]
- Genetic Engineering in California Agriculture - September 15th, 2011 [September 15th, 2011]
- Genetic Engineering Animation - September 15th, 2011 [September 15th, 2011]
- Proof Of Ancient Genetic Engineering - September 15th, 2011 [September 15th, 2011]
- Joad Cressbeckler Fears Genetic Modification Causes 'Wrath-Minded Taters' - September 16th, 2011 [September 16th, 2011]
- Ethical Concerns With Genetic Engineering - September 16th, 2011 [September 16th, 2011]
- Scientists under Attack - Genetic Engineering in the magnetic Field of Money TRAILER - September 17th, 2011 [September 17th, 2011]
- Genetic Modification - September 18th, 2011 [September 18th, 2011]
- Genetic Engineering Not a New Science - Pamela Ronald - September 23rd, 2011 [September 23rd, 2011]
- The Island of Dr. Moreau prt. IV - September 28th, 2011 [September 28th, 2011]
- Ancient Alien Nephilim, Giants, Mutants, Genetic Engineering, and Hybrids (4-6) - September 30th, 2011 [September 30th, 2011]
- 4. Genetic Engineering (cont.) - October 2nd, 2011 [October 2nd, 2011]
- Ancient Alien Nephilim, Giants, Mutants, Genetic Engineering, and Hybrids (6-6) - October 4th, 2011 [October 4th, 2011]
- Islands at Risk (Part 3) - Genetic Engineering in Hawai'i - October 4th, 2011 [October 4th, 2011]
- Morgellons Is Genetic Engineering , A Silent Superbug - October 4th, 2011 [October 4th, 2011]
- Islands at Risk (Part 2) - Genetic Engineering in Hawai'i - October 4th, 2011 [October 4th, 2011]
- The Ethics of Genetically Engineering Children - Arthur Caplan - October 4th, 2011 [October 4th, 2011]
- Disney Geneticists Debut New Child Stars - October 4th, 2011 [October 4th, 2011]
- Genetic Engineering and Society, Lecture 1a, Honors Collegium 70A, UCLA - October 4th, 2011 [October 4th, 2011]
- OMD - Genetic Engineering (312mm Version) (Audio Only) - October 4th, 2011 [October 4th, 2011]
- The difference between normal and genetically modified food - October 4th, 2011 [October 4th, 2011]
- Bioethics Of Human Genetic Engineering - Documentary Video - October 6th, 2011 [October 6th, 2011]
- Islands at Risk (Part 1) - Genetic Engineering in Hawai'i - October 6th, 2011 [October 6th, 2011]
- Coast To Coast AM: Genetic Engineering 3-24-2011 Download Link - October 6th, 2011 [October 6th, 2011]
- Lloyd Pye - Ancient Genetic Engineering - October 13th, 2011 [October 13th, 2011]
- X RAY SPEX - ROUNDHOUSE LONDON GENETIC ENGINEERING - Video - October 13th, 2011 [October 13th, 2011]
- OMD - Genetic Engineering 1983 - Video - October 14th, 2011 [October 14th, 2011]
- OMD - GENETIC ENGINEERING - Video - October 14th, 2011 [October 14th, 2011]
- Mechanism of Recombination - Video - October 15th, 2011 [October 15th, 2011]
- Harvard Prof. Michael Sandel on Human Genetic Modification, Berkeley, CA, 7 May 2007 - Video - October 15th, 2011 [October 15th, 2011]
- Genetic Engineering [Medical Ethics Series] - (excerpt) - Video - October 15th, 2011 [October 15th, 2011]
- Genetic Engineering and Society, Lecture 1b, Honors Collegium 70A, UCLA - Video - October 24th, 2011 [October 24th, 2011]
- Genomics: genetic modification (genetic engineering) and the human gene project - Video - October 26th, 2011 [October 26th, 2011]
- Genetically Engineering Intelligent Babies - Horizon: Are We Still Evolving? Preview - BBC Two - Video - October 27th, 2011 [October 27th, 2011]
- "GENETIC ENGINEERING" GERMAN REGIME feat THIRSTIN HOWL THE3RD - Video - October 28th, 2011 [October 28th, 2011]
- Science 360: Genetic Engineering - Video - October 31st, 2011 [October 31st, 2011]
- UFOTV Presents... - Bad Seed: Danger of Genetically Modified Food - Video - November 8th, 2011 [November 8th, 2011]