According to third-party data, since Musk acquired Twitter last October, the social media platform's monthly advertising revenue in the United States has dropped by at least 55% year-on-year every month. Since the acquisition, the company has struggled to retain some advertisers as brands are wary of the rapid changes the platform has undergone since Musk's acquisition.
X CEO Linda Yaccarino is expected to meet Thursday with the bank lenders that financed Musk's acquisition to outline the company's business plan, according to people familiar with the matter.
Data from advertising analytics company Guideline show that in December 2022, X's U.S. advertising revenue fell 78% year-on-year, the largest single-month decline since the acquisition. The company tracks ad spending data from major advertising agencies.
According to the latest data provided by Guideline, X Platform’s U.S. advertising revenue fell 60% year-on-year in August. X declined to comment on the figures.
Musk has previously acknowledged that the platform's revenue has taken a hit and accused activists of pressuring advertisers. Last month, he blamed the Anti-Defamation League (ADL) for a 60% drop in X's U.S. ad revenue, though he didn't give a specific time frame.
The ADL said in a statement on Wednesday that any allegation that it caused X loss is false. The group added that it was preparing to start advertising on the platform to "send our important message of fighting hate to X and its users".
X CEO Yacarino said in an interview at an event last week that 1,500 brands have returned to the platform in the past 12 weeks, and 90% of the top 100 advertisers have returned to the platform. She also said that profitability will be achieved early next year.