After his $44 billion acquisition of Twitter, Elon Musk said that the social network has seen a ”massive drop in revenue" as a growing number of companies pull or pause advertising on the platform.
Advertising giant Interpublic Group, which counts Coca-Cola and Unilever as clients, French ad agency Havas Media, which represents Huawei, Heinz, and IBM, recommended to clients that they pause advertising on Twitter, the Wall Street Journal reported.
GroupM, whose subsidiaries represent brands like Skyy Vodka and Dove, also told clients that advertising on Twitter is ”high risk.”
Here’s a running list of companies that have announced their intention to reassess their relationship with Twitter.
The German automobile corporation — which also owns brands like Audi and Porsche — announced on Friday that it had recommended all of its brands to pause paid advertising, Reuters reported.
“We are closely monitoring the situation and will decide about next steps depending on its evolvement,” the automaker said in a statement.
A representative for General Mills confirmed to the Wall Street Journal that it had suspended advertisements for the time being.
“As always, we will continue to monitor this new direction and evaluate our marketing spend,” General Mills, which owns brands like Cheerios, Bisquick and Haagen-Dazs, said in the statement.
The Wall Street Journal also reported that biotech giant Pfizer had paused ads.
Semafor has reached out to Pfizer for comment.
The Detroit-based automaker and one of Tesla’s largest competitors confirmed with CNBC on Oct. 28 that it would suspend paid ads on the platform.
“We are engaging with Twitter to understand the direction of the platform under their new ownership,” a spokesperson told CNBC. “As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising. Our customer care interactions on Twitter will continue.”
GM owns various brands including Chevrolet, Cadillac, and GMC.
The multinational food corporation that owns brands like Oreo and Ritz paused ads, according to the Wall Street Journal.
Semafor has reached out for comment.
The world’s third-largest airline, when measured by fleet size and route networks, confirmed to Reuters that it had temporarily suspended ads on Twitter.
The fast food chain confirmed with Bloomberg that it would pull back ads and reassess its advertisement plans on Twitter.