Third-party data shows ad revenue at social media platform X has declined at least 55 per cent year-over-year since Musk took over
'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco on July 30.Monthly U.S. ad revenue at social media platform X has declined at least 55 pre cent year-over-year each month since billionaire Elon Musk bought the company formerly known as Twitter in October 2022, according to third-party data provided to Reuters.
U.S. ad revenue dropped by 78 per cent in December 2022 compared with the same month the previous year, the steepest monthly decline since the acquisition, according to ad analytics firm Guideline, which tracks advertising spending data from major ad agencies. Musk has previously acknowledged that the platform has taken a hit on revenue and has blamed activists for pressuring advertisers. Last month, he accused the Anti-Defamation League of being the primary cause behind a 60 per cent decline in U.S. ad revenue, though he did not provide a time frame.
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