Major companies withdraw from Twitter advertising, hate speech also surged | Forbes JAPAN (Forbes Japan)
Twitter’s new owner, Elon Musk, plans to improve its financial situation while deregulating content. But his efforts have faced early headwinds, with several major companies suspending advertising on Twitter until they see how the platform changes under Musk’s leadership.
The Wall Street Journal (WSJ) reported Nov. 3 that food giants General Mills, Pfizer, Audi, Volkswagen and Mondelez International (maker of Oreo cookies) have stopped advertising on Twitter after buying Musk. reported that it did.
Automakers Ford and GM also told Forbes last week that they would not buy ad space until they had a better understanding of Twitter’s plans.
IPG, a global advertising company with clients such as CVS and Nintendo, has also reportedly advised its clients to temporarily stop buying Twitter ads. Havas Media, a Paris-based ad agency, also told its clients that it would be best to pause Twitter ads, according to the WSJ.
Forbes reached out to Twitter for comment, but did not immediately receive a response.
Musk has claimed that he sees Twitter as “a city square for the healthy discussion of a wide range of opinions.” Before the takeover, he suggested easing moderation to allow all legally protected speech and returning suspended figures to the platform, including former President Donald Trump. .
But since Musk took over Twitter over the weekend, there have been reports of a spike in hate speech, with online speech watchdog NCRI reporting a more than 500% increase in the use of the N-word in a 12-hour period. It said anti-Semitic remarks, misogyny, and anti-LGBTQ+ posts are rampant.
Banned accounts containing Trump will remain up in the air for at least the next few weeks, Musk told civil rights leaders on Thursday. He said Twitter will set up a “Content Moderation Council” to determine a “clear process” for bringing banned accounts back to the platform. Musk said the council “must include civil society and groups of people facing hateful violence.”
