During a tech conference in France on Friday, Elon Musk said that Twitter is regaining almost all of the advertisers who left the platform after the $44 billion acquisition was completed in October, as reported by The Wall Street Journal.
Following his acquisition, Musk has made many significant changes to Twitter’s business that ignited a global backlash, such as laying off more than half of the company’s workforce, and launching the paid Twitter Blue subscription plan, which is now required for everyone who wants to get a verification badge and access to exclusive features like tweet-editing, and has also recently become mandatory for advertisers who want to run their campaigns on the platform.
After the acquisition, Twitter started losing many of its top-paying advertisers citing concerns over Musk’s content moderation changes. The Information reported in January that more than 500 of the company’s top advertisers stopped their campaigns on the platform.
According to the billionaire, Twitter is now regaining nearly all of the advertisers that left the platform following the acquisition.
‘’Almost all of the advertisers have said that, they’ve either come back or they said they will come back,’’ Musk said during the tech event, where he also talked about his confidence in Twitter’s new CEO Linda Yaccarino, who he said “understands the concerns that advertisers have and I think will do a great job in addressing those concerns.”
The news came days after The New York Times reported that Twitter’s ad revenue dropped by 59% in the United States.
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It also came days after the social media company was sued by a group of music publishers for $250 million over alleged copyright infringement.