Apparently buying a website with the sole purpose of featuring more Nazi content is an effective way of repelling advertisers, which is kind of a problem when advertising is the overwhelming majority of your revenue:
Half of Twitter’s top 100 advertisers appear to no longer be advertising on the website. A report from Media Matters for America states that these 50 advertisers have spent almost $2 billion on Twitter ads since 2020 and more than $750 million just in 2022.
Seven additional advertisers have slowed their advertising to almost nothing, according to the report, which was published on Tuesday. These companies have paid Twitter more than $255 million since 2020.
Chevrolet, Chipotle Mexican Grill, Inc., Ford, Jeep, Kyndryl, Merck & Co. and Novartis AG all issued statements about halting Twitter ads or were reported and confirmed as doing so. The others ceased advertising on the platform for a “significant period of time following direct outreach, controversies, and warnings from media buyers.”
The report wrote that even with these hits to advertising revenue, Twitter CEO Elon Musk has “continued his rash of brand unsafe actions — including amplifying conspiracy theories, unilaterally reinstating banned accounts such as that of former President Donald Trump, courting and engaging with far-right accounts, and instituting a haphazard verification scheme that allowed extremists and scammers to purchase a blue check.”
Have those blue checks turned into a Veblen good yet?