Musk’s Twitter is still on a downward spiral. What’s the most recent? According to The Wall Street Journal, the platform is offering to match advertisers up to $250,000 in a desperate attempt to entice ad buyers to return.
To qualify for the incentive, brands must run the full $500,000 in advertising by February 28. And this isn’t Twitter’s first attempt to entice advertisers to return; in December, the company offered $500,000 in free ads to brands that spent $500,000, with a $1 million cap.
The social media platform has lost many of its top advertisers since Musk took over, a huge blow considering ninety percent of Twitter’s revenue comes from advertising.
Media Matters reported in November, just a month after Musk’s reign began, that 50 of the top 100 advertisers have fled the platform.
Some advertisers reduced their ad spending quietly, while others like Chevrolet, Chipotle, Ford, and Jeep issued statements about their decision to leave.
Twitter also announced that it will allow political ads back on its platform after banning them in 2019, further evidence of Twitter’s desperation for ad revenue.
