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.
See the original post here:
Elon Musk Meeting With Advertisers, Begging Them Not to Leave Twitter
- Fermi Telescope Caps First Year With Glimpse of Space-Time - November 8th, 2009 [November 8th, 2009]
- Antarctic Airborne Science Mission Nears Mid-Point - November 8th, 2009 [November 8th, 2009]
- NASA Awards Education Research Grants to Minority Universities - November 8th, 2009 [November 8th, 2009]
- New Celestial Map Gives Directions for GPS - November 8th, 2009 [November 8th, 2009]
- NASA Invites Reporters to Tranquility Node Ceremony at Kennedy - November 8th, 2009 [November 8th, 2009]
- Happy Halloween - November 8th, 2009 [November 8th, 2009]
- NASA's Fermi Telescope Detects Gamma-Ray From "Star Factories" in Other Galaxies - November 8th, 2009 [November 8th, 2009]
- NASA Announces Advisory Council Chairs and Committee Structure - November 8th, 2009 [November 8th, 2009]
- NASA and X Prize Announce Winners of Lunar Lander Challenge - November 8th, 2009 [November 8th, 2009]
- MESSENGER Spacecraft Reveals More Hidden Territory on Mercury - November 8th, 2009 [November 8th, 2009]
- Successful Flight Through Enceladus Plume - November 8th, 2009 [November 8th, 2009]
- Education Secretary Hosts DC Students for Talk with Space Station - November 8th, 2009 [November 8th, 2009]
- Operation Ice Bridge Studies Antarctic Sea Ice - November 8th, 2009 [November 8th, 2009]
- NASA West Point Welcomes Home One of Their Heroes - November 8th, 2009 [November 8th, 2009]
- NASA Spitzer Observes a Chaotic Planetary System - November 8th, 2009 [November 8th, 2009]
- X-38 Crew Return Vehicle Finds New Home - November 8th, 2009 [November 8th, 2009]
- Frost-Covered Phoenix Lander Seen in Winter Images - November 8th, 2009 [November 8th, 2009]
- Have some faith He is doing his best - November 8th, 2009 [November 8th, 2009]
- The Cross - November 8th, 2009 [November 8th, 2009]
- Spring Bloom in New Zealand Waters - November 8th, 2009 [November 8th, 2009]
- NASA Hubble image showcases star birth in M83, the Southern Pinwheel - November 8th, 2009 [November 8th, 2009]
- Take Me Out to the Ballpark - On Mars! - November 8th, 2009 [November 8th, 2009]
- Poisk Poised for Live NASA TV Space Station Docking - November 8th, 2009 [November 8th, 2009]
- Ceremony Reset for ESA Handover of Tranquility to NASA - November 8th, 2009 [November 8th, 2009]
- NASA Reproduces a Building Block of Life in Laboratory - November 8th, 2009 [November 8th, 2009]
- Now Online: Aeronautics Goes E-Book - December 12th, 2009 [December 12th, 2009]
- Water on the Moon, Drought on Earth: NASA Experts Available for Radio And Podcast Interviews During Major Science Meeting - December 12th, 2009 [December 12th, 2009]
- Launch of NASA's Wise Spacecraft Delayed Until Dec. 14 - December 12th, 2009 [December 12th, 2009]
- Connecticut Students Set for Cosmic Conversation with Space Station Commander - December 12th, 2009 [December 12th, 2009]
- Magnetic Dance of Titan and Saturn To Be Main Attraction during Flyby - December 12th, 2009 [December 12th, 2009]
- Hubble's Deepest View of Universe Unveils Never-Before-Seen Galaxies - December 13th, 2009 [December 13th, 2009]
- Earth's Moon - December 13th, 2009 [December 13th, 2009]
- How do you Make a Helicopter Safer to Fly? You Crash One. - December 13th, 2009 [December 13th, 2009]
- Physicist Earns Title as Kennedy's Best - December 13th, 2009 [December 13th, 2009]
- Hubble Unveils Never-Before-Seen Galaxies - December 13th, 2009 [December 13th, 2009]
- Saturn's Mysterious Hexagon Emerges from Winter Darkness - December 13th, 2009 [December 13th, 2009]
- Fermi Sees Brightest-Ever Blazar Flare - December 13th, 2009 [December 13th, 2009]
- Magnetic Power Revealed in Gamma-Ray Burst Jet - December 13th, 2009 [December 13th, 2009]
- Just 5 Questions: Aerosols - December 13th, 2009 [December 13th, 2009]
- Hometown Heroes 2009: Astronaut & Terrible Towel Return to Pittsburgh - December 13th, 2009 [December 13th, 2009]
- Garver Honors Four for Saving the Life of a Fifth at NASA Langley - December 13th, 2009 [December 13th, 2009]
- Administrator Bolden Speaks at AAIA-WIA Luncheon - December 13th, 2009 [December 13th, 2009]
- Best (Meteor) Shower of 2009 - No Towel Required - December 13th, 2009 [December 13th, 2009]
- NASA Making Government More Accessible With Cutting-Edge Use Of New Media - December 13th, 2009 [December 13th, 2009]
- Scarce Water, Our Quiet Sun and Space Rocks Among NASA News Highlights at American Geophysical Union Meeting - December 13th, 2009 [December 13th, 2009]
- Press Credentials Deadlines Set for Next Space Shuttle Flight - December 13th, 2009 [December 13th, 2009]
- Reddish Dust and Ice Migration Darken Saturn's Moon Iapetus - December 13th, 2009 [December 13th, 2009]
- Galaxy Collision Switches on Black Hole - December 13th, 2009 [December 13th, 2009]
- I’m watching the launch of NASA’s WISE spacecraft - December 13th, 2009 [December 13th, 2009]
- SOFIA Aloft - December 13th, 2009 [December 13th, 2009]
- Guide to the International Space Station Laboratory Racks Interactive - December 14th, 2009 [December 14th, 2009]
- Freezing WISE's Hydrogen - December 14th, 2009 [December 14th, 2009]
- Local High School Wins Invention Challenge - December 14th, 2009 [December 14th, 2009]
- WISE Ready to Soar Into Space - December 14th, 2009 [December 14th, 2009]
- NASA Data Reveal Major Groundwater Loss in California's Heartland - December 15th, 2009 [December 15th, 2009]
- NASA Looks for Safer Icing Forecast For Pilots - December 15th, 2009 [December 15th, 2009]
- Challenges of Living and Working Aboard the Space Station: NASA Astronaut Nicole Stott Available for TV Interviews - December 15th, 2009 [December 15th, 2009]
- NASA Astronaut, Food Scientist Available for Interviews about Holiday Feasts in Space - December 15th, 2009 [December 15th, 2009]
- NASA Launches Web Site for Teenagers That Want More Class - December 15th, 2009 [December 15th, 2009]
- A Unique Geography -- and Soot and Dust -- Conspire Against Himalayan Glaciers - December 15th, 2009 [December 15th, 2009]
- New Study Turns Up the Heat on Soot's Role in Himalayan Warming - December 15th, 2009 [December 15th, 2009]
- NASA's WISE Eye on the Universe Begins All-Sky Survey Mission - December 15th, 2009 [December 15th, 2009]
- NASA Offers Sound Clips for Radio, Online Newscasters - December 17th, 2009 [December 17th, 2009]
- NASA Gets Up-Close Look at Far Corner of the Globe - December 17th, 2009 [December 17th, 2009]
- Orion Launch Abort System Attitude Control Motor Test-fired - December 17th, 2009 [December 17th, 2009]
- Hubble Finds Smallest Kuiper Belt Object Ever Seen - December 17th, 2009 [December 17th, 2009]
- The Dark Side of Carbon - December 17th, 2009 [December 17th, 2009]
- R97UYEA6HD8W - December 17th, 2009 [December 17th, 2009]
- NASA's AIM Satellite and Models are Unlocking the Secrets of Mysterious "Night-Shining" Clouds - December 17th, 2009 [December 17th, 2009]
- Classroom Learning Takes Off with NASA-Funded Education Projects - December 17th, 2009 [December 17th, 2009]
- NASA Buys Additional Space Shuttle Reusable Solid Rocket Motors - December 17th, 2009 [December 17th, 2009]
- Searching for New Vaccines and Studying Butterflies in Space; NASA Offers TV Interviews about Latest Space Station Science Research - December 17th, 2009 [December 17th, 2009]
- NASA Partners with Saudi Arabia on Moon and Asteroid Research - December 17th, 2009 [December 17th, 2009]
- New Results from a Terra-ific Decade in Orbit - December 17th, 2009 [December 17th, 2009]
- Deposits in Martian Trough Point to Complex Hydrological Past - December 17th, 2009 [December 17th, 2009]
- NASA Outlines Recent Greenhouse Gas Research - December 17th, 2009 [December 17th, 2009]
- Unexpected Wheel-Test Results - December 17th, 2009 [December 17th, 2009]
- Solar Storms and Radiation Exposure on Commercial Flights - December 17th, 2009 [December 17th, 2009]
- Global Digital Elevation Model - December 17th, 2009 [December 17th, 2009]
- Hubble's Festive View of a Grand Star-Forming Region - December 17th, 2009 [December 17th, 2009]