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Phony Stark, aka Elon Musk, is giving a master class on successfully ruining a company in a short period.
Spotted on Raw Story, Elon Musk’s Twitter has been losing advertisers at breakneck speed, and it’s all the Tesla CEO’s fault. His effort to rectify the situation reportedly is to criticize the companies for abandoning the Twitter ship, and spoiler alert, his plan is not working.
Per Raw Story:
The tech entrepreneur’s first month as Twitter owner has chased off half of the company’s top 100 advertisers, who have paused spending over concerns about content moderation and the firing of most of its ad sales team, and Musk has been unable to strong-arm them into returning, reported the Financial Times.
“He seems to put off even those advertisers who wanted him to succeed,” said one top advertising agency executive.
Twitter’s ad business team has been cut so deeply that many agencies no longer have a point of contact at the company, and four industry insiders said they have received little or no communication in recent weeks, while others complain the ad systems aren’t working properly since Musk took over.
“Tech issues on campaign management . . . mean it’s completely unreliable as a platform to use,” said Gabby Krite, head of digital operations at The Kite Factory.
Elon Musk Has A Plan & It’s A Real Dumb One
Musk is trying to fix the situation, according to the report, by personally calling the chief operating officers of some of the companies who pulled advertising from Twitter and “berating” them, according to one senior industry insider.
Of course, that plan did not work. According to the industry insider, the companies “cut spending to the bare minimum to avoid further confrontation,” Raw Story reports.
“It is quite unique,” a senior executive at a big four advertising agency said. “The turmoil, the damage, nothing of this magnitude has happened before — never.”
If you pay a visit to Elon Musk’s personal Twitter account, you see head*ss tweets that should not be coming from the owner of Twitter.
He is also currently beefing with Apple, who allegedly is threatening to pull the Twitter app from its App Store.
If Musk wants to help ensure his $44 billion acquisition doesn’t sink and lure back advertisers, there is only one route he can take.
“Musk’s best chance of bringing advertisers back to Twitter is to appoint a new CEO,” Darren Savage, chief strategy officer at Tribal Worldwide, said. “Particularly, one who understands what Twitter is, has the credibility with advertisers and users — and is then left alone to do their job.”
That would be great, but chances are high that it is not happening.
Photo: SOPA Images / Getty/ Elon Musk