Advertisers Flee Twitter As Elon Musk Continues To Destroy The Platform

A new report has revealed that Twitter's ad revenues have plummeted by 59% in recent months as advertisers continue to worry about the direction that the platform is moving. On top of that, the site is now valued at only 33% of what Elon Musk paid for it (purchase price of $44 billion), but he insists that he doesn't care about the money. If this is nothing more than a vanity project, then Musk has nothing to worry about. But if he wants to be seen as a decent businessman, then he should be VERY concerned, as Ring of Fire's Farron Cousins explains.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

I think it's time that we dispel with this notion that people in the United States can become billionaires because they're so much better than everybody else. And I think the person who has proven that better than anyone else on this planet is, of course, Twitter, c e o, Elon Musk. According to new reports out this past week in the last five weeks, ad revenue on Twitter has dropped 59% compared to what it was in the same five week period. A year ago, they have dropped 59%. So in those five weeks, they pulled in 88 million, whereas the five week period prior, uh, or a year ago, excuse me, was well over a billion dollars. And current and former employees who have spoken with reporters, of course, on the condition of anonymity, say that this isn't surprising at all. Advertisers are running scared from Twitter because of what Elon Musk has done to it.

Most notably, again, current and former employees tell us advertisers are scared of the extremism happening on Twitter because Elon Musk led all the crazy people, the dangerous people back on there. It's that simple white nationalism, whether this was Elon Musk's intent or not, and I don't think it was his intent, but it's the outcome he got. Regardless. White nationalism is running rampant on that platform. You can go and report a tweet for targeted hate, you know, threats against individuals, which I've had to do plenty of time. And then you'll get a notification the next day like, Hey, we looked at the tweet, we decided it doesn't break our rules. Well, you know what that does that makes people less likely to use the platform. So when you have fewer people losing the, using the platform, you're gonna end up with fewer advertisers wanting to be there, because that's not where the people are anymore.

On top of that, they're being inundated with ads according to this report for, you know, weed and online gambling. And that's not exactly something that some brands want to be associated with, so they have pulled back. There's also been massive tech problems that, uh, Twitter, most notably the fact that when advertisers are having problems with their ads and they call into Twitter, they used to have a dedicated person to immediately help them. They don't have that anymore. There's nobody there to talk to them to work through the problems that they're having, whether it's with the platform or with the purchasing of the ad itself. There's nobody left because Elon Musk has fired a bunch of people, because Elon Musk is not a smart businessman. He takes ideas that other people come up with and makes them, because he has the money to make them on. Twitter has lost 66% of its value since he bought it for 44 billion. That doesn't exactly sound

Like, like the smartest man in the room to me, does it? I mean, Teslas, yeah, they're, they're cool looking little electric cars and it's great. We need more electric cars, but they also have a very unnerving recall rate that I think people need to pay more attention to. SpaceX really cool company, right? We need that. Well, it's not doing well because Elon Musk is in charge. It's doing well because of government subsidies. So that's not him. That's, uh, that's the government kind of funding that stuff. Through all of his successes, you can actually weed through and find out what's really behind the success.