Gleaned from some conversations on Team Blind: just one story from a $750k/month advertiser that paused ads on Twitter - one of many:
I’ve seen a lot of technical and ideological takes on Elon Twitter but wanted to share the marketing perspective. For background I’m a director at a medium sized b2b tech company (not in finserv anymore) running a team that deploys about $80M in ad s...
www.teamblind.com
The reasons (gleaned from the post but there is plenty more discussion in that thread):
SUMMARY:
They noticed that performance (how effective their advertising is) dropped significantly. They noticed their ads alongside vile, hateful content - even for days after being flagged. They attempted to get in touch with their contacts, but Musk has gutted so many people across all departments that the company can no longer adequately serve their advertiser customers. Then when they attempted to logon to their accounts (with now very buggy UI) the authentication mechanisms were not working. When they finally got in, they discovered that some of their campaigns that were paused from the previous 6 years had been reactivated without their consent, costing them money. And they couldn't even deactivate them themselves, as their changes would not save.
An alternate business model for Twitter is obviously needed. But at $8 per paid verification, it would take 93,750 paying accounts just to make up for one such spending advertiser. 43,750 paying accounts to cover the many advertisers who were paying in the $350k/month range and have left. The professional grapevine indicates that about 30 advertisers, including almost all of the big spenders, have left.
I'd like to know who
actually runs SpaceX and Tesla, because it cannot be Musk. He keeps proving over and over that he does not have the kind of business acumen many assumed.
Don't forget the $13bn in debt he saddled the company with (they only had about $600m prior to the takeover talks). Their annual interest burden went from $51m/year to over $1bn per year, as they will have to pay at least $9bn in interest over the next seven to eight years as that $13bn in debt matures. I don't think any of the apologists on Twitter know anything about what is actually going on, and cannot appreciate just how poorly Musk is doing. They think "oh he's like me when I post on 4chan now hehe troll em Lord Elon!". Meanwhile shit is quite literally crashing and burning.