Over 500 advertisers have suspended their investment on Twitter

According to a story published on Wednesday by The Information, which cited a source familiar with the company’s ad business, more than 500 of Twitter’s advertisers have halted spending on the microblogging site since Elon Musk’s purchase of the company last year.

According to the research, the social media company’s daily income on January 17 was forty percent lower than it was on the same day in the previous year.

On Tuesday, the decline in the company’s income was brought to the public’s attention by the technology newsletter Platformer.

A request for comment from Reuters about both of the media claims was not immediately met with a response from Twitter.

Since Musk took over Twitter in October of last year, corporate advertisers have fled in response to the billionaire laying off thousands of employees and rushing a paid verification feature that resulted in scammers impersonating companies on Twitter. This is in response to the fact that Musk rushed the feature.

The social media platform has recently announced that it will relax its advertising policy for “cause-based ads” in the United States and will align its advertising policy with that of TV and other media outlets. This comes after the platform recently reversed its decision to ban political ads in 2019 and stated that it would do so.