Twitter has been making headlines ever since Elon Musk took over the iconic platform, and made statements about the radical changes he is looking to make.
While several high ranking employees, including CEO Parag Agrawal, have already parted ways with the company, according to a latest report by Bloomberg a next round of culls are expected soon. Reuters has also reported that the platform will inform employees via email today if they are released from their positions, and Twitter will alert its employees by 9am Pacific Time. Other conversations surrounding the platform include its content policy and Musk looking to charge for Twitter’s blue verification ticks.
On the advertising front, while Musk is said to be meeting with advertisers to ease some of their worries, agencies such as Interpublic Group (IPG) and Havas Media recommended that clients halt their ad spend while things settle down. IPG works with big brand names such as Coca-Cola, American Express, Johnson & Johnson, Nintendo, Unilever and more, while Havas Media works with the likes of Michelin, Puma, Reckitt, Sanofi, Hugo BOSS, KIA and Swarovski.
The blow comes shortly after the platform also faced a stop in ad spend as content appeared next to tweets seeking child pornography. Brands that pressed the brakes at that point included Forbes, Dyson, Mazda, PBS Kids, Walt Disney, NBCUniversal, Cole Haan and Coca-Cola. Meanwhile, L’Oreal is one brand that has come out to say it has not yet stopped its ad spend on Twitter, after an FT article stated otherwise. Currently, around 90% of Twitter's revenue comes from advertising, despite it being far behind Facebook's and Google's.
Below is a list of brands that have however pressed pause:
Allianz: The German multinational financial services company has paused its advertising on the platform temporarily, said a spokesperson, according to Reuters.
Apple: According to The New York Times, Apple has temporarily paused its ad spending after the shooting at the LGBTQ nightclub in Colorado Springs.
Audi: Car maker Audi, which would also be a competitor to Musk-owned Tesla, confirmed to Bloomberg its pause and said it will continue to evaluate the situation.
Balenciaga: Luxury fashion house Balenciaga has decided to join the "quitting Twitter" bandwagon. A check by MARKETING-INTERACTIVE, found that it has deleted its Twitter account, and the brand has not given an official statement on its social media accounts. According to Vogue, Balenciaga is the first big fashion brand to depart the platform.
Ford Motor: CNBC stated that another rival of Musk’s Tesla, Ford Motor is not currently using Twitter to advertise nor did it before Musk’s Twitter takeover. However, a Ford spokesperson said that it will continue to assess “the direction of the platform under the new ownership.”
General Mills: American multinational manufacturer General Mills has come out to clearly state its stop on ad spend on Twitter. According to Bloomberg, a spokesperson said the company will continue to monitor the new direction and evaluate marketing spend. Some well-known brands under the parent company General Mills include General Mills, such as Cheerios, Lucky Charms, Chex Mix, Cocoa Puffs, Haagen-Dazs and Betty Crocker.
General Motors Co.: American multinational automotive manufacturing firm, General Motors also said it has “temporarily paused all paid Twitter advertisements”, as reported by CNBC.
Gilead Sciences Inc: The firm and its unit Kite are in the process of halting its paid ads on Twitter, according to Reuters.
Macy's: US high-end department store Macy's halt its ad spending on the platform, an individual who is familiar with the call, reported by The New York Times. It has not given an official statement on its social media accounts as checked by MARKETING-INTERACTIVE.
Mondelez: According to WSJ, Mondelez International is also one of the brands that jumped on the trend. However, no statement has been released.
PepsiCo: PepsiCo's ad agency recommended its clients to pause ad spending on Twitter, and the brand opted out of it, according to The New York Times.
Pfizer: According to sources close to WSJ, American multinational pharmaceutical and biotechnology corporation, Pfizer, has also decided to suspend advertising on the platform.
Snapchat: In early December, Snapchat backed out of its ad spend on the platform, according to Bloomberg.
Volkswagen Group: According to Reuters, the Group has asked its brands to temporarily stop their paid ads on the platform. The Group said in a statement on Reuters: "We are closely monitoring the situation and will decide about next steps depending on its evolvement."
Know of brands that have temporarily paused ad spend on Twitter? Let us know at [email protected].
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