General Motors halts advertising on Twitter temporarily after Musk's takeover
General Motors-Twitter
After Tesla Owner and billionaire Elon Musk successfully acquired social media company Twitter, General Motors Co on Friday (October 28), announced that it had temporarily halted advertising on the social media platform.
The company in its statement said, "As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising."
The US'biggest auto manufacturer stated that it is currently working with the social media company to understand the direction of the platform under the new management.
Over 90 per cent of Twitter's revenue comes from advertisements. Some ad agencies and businesses have expressed scepticism and fear about Twitter's future after a presentation for advertisers in May.
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Tesla Inc., a competitorof General Motors, is led by Musk.
Customer care exchanges on Twitter will continue, the Detroit manufacturer said.
In an open-letter tweet on the eve of the deal's course, Musk had made a direct plea to advertisers. He said,"Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences! ... Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise."
On Friday (October 28), Musk tweeted that Twitter will now create a content moderation panel with different opinions.
(With inputs from agencies)
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