Despite Elon Musk claiming that Twitter is gaining momentum and “roughly breaking even,” a recent report by The New York Times reveals that Twitter’s U.S. advertising revenue is down by 59% compared to the previous year.
The economic downturn in the platform’s ad sales is not surprising considering 50 of Twitter’s top 100 advertisers pulled back after Musk’s $44 billion acquisition and the controversies that followed.
According to research by Insider Intelligence, Twitter’s global ad revenue in 2023 is estimated to be 28% lower than it was in 2022, indicating just how much damage was done to the platform since Musk’s takeover.
A slew of layoffs, confusing policy updates, and an increase in hate speech left advertisers questioning the future stability of the social media platform.
Optimism about Twitter’s future increased after Linda Yaccarino was appointed as Musk's replacement for the position of CEO. Previously serving as the chair of advertising sales at NBCUniversal, her role as Twitter CEO hints at a possible change of tide in Twitter’s advertising woes.
The company continues to experience changes in its executive roles, with the departure of Ella Irwin, Twitter’s head of trust and safety, and A.J. Brown, Twitter’s head of brand safety and ad quality, resigning recently.
On the other hand, another NBCUniversal alumni has joined the company. Joe Benarroch, previously the executive vice president of communications, is joining Yaccarino at Twitter in a role focusing on business operations.
