Advertising spending on Twitter took a drastic hit in December following Elon Musk’s takeover of the social media platform.
Data from an advertising research firm showed top advertisers slashed their spending by 71%.
According to the Standard Media Index (SMI) data, ad spending on Twitter in November fell 55% from last year.
That was the same month that Musk restored suspended accounts and released a paid account verification that resulted in scammers impersonating corporations, according to research firm Pathmatics.
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At the time, two large advertising companies advised clients to temporarily pause their paid advertising on Twitter.
That came during a time traditionally known for higher ad spending as brands promote their products during the holiday season.
The recent data from SMI comes as Twitter is moving to reverse the advertiser exodus.
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Twitter has introduced initiatives, offering some free ads, lifting a ban on political advertising and allowing companies greater control over the positioning of their ads.
Twitter did not immediately respond to a Reuters request for comment.
Fourteen of the top 30 advertisers on Twitter stopped all advertising on the platform after Musk took charge on Oct. 27, according to Pathmatics estimates.
In a November event, Musk addressed the issue of companies pausing ads and said that he understands if advertisers “want to give it a minute.”
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Twitter’s fourth-quarter revenue fell about 35% year-over-year due to a slump in advertising, technology-focused publication, the Information reported.
Advertising accounted for 89% of Twitter’s $5.08 billion revenue in 2021.
Reuters contributed to this report.