This Is How Elon Musk's Twitter Is Luring Back Advertisers After Driving Them Away

Twitter is giving generous incentives to brands, in a bid to lure advertisers that it has lost after the chaotic takeover by tech billionaire Elon Musk.

Micro-blogging platform Twitter is giving generous incentives to brands, in a bid to lure advertisers that it has lost after the chaotic takeover by tech billionaire Elon Musk, the media has reported. Big brands such as luxury automakers Audi and Ford, tech behemoths HP and Dell, Facebook parent Meta Coca-Cola, Verizon, AT&T, Wells Fargo, American Express and Chanel among other advertisers have either pulled ads from Twitter or have publicly confirmed they are stopping ads from the social media platform, says a report by Media Matters For America.

Twitter's new offer under Musk has been touted as the "biggest advertiser incentive ever on Twitter," says an email sent to advertisers, says a report by news agency Reuters. US advertisers who book $500,000 (which roughly translates into Rs 4 crore) in incremental spending will qualify to have their spending matched with a "100 per cent value add," up to a $1 million cap, the email said.

In the past few weeks, 50 of the top 100 Twitter advertisers have either announced or stopped advertising on Twitter. These advertisers have accounted for nearly $2 billion in spending on the platform since 2020, and over $750 million in advertising in 2022 alone, the Media Matters For America report added.

Earlier this week, the new Twitter boss had also targetted Apple and said the tech giant has stopped most of its advertising on the social media platform. Musk had also accused the company of threatening to withdraw Twitter from its App Store. However, Musk announced that he has met with Apple CEO Tim Cook and tweeted that a misunderstanding regarding Twitter being removed from Apple App Store has been cleared.

The Twitter boss also posted a short video clip of Apple headquarters in Cupertino, California, thanking Cook for taking him around Apple's "beautiful HQ".

"Good conversation. Among other things, we resolved the misunderstanding about Twitter potentially being removed from the App Store. Tim was clear that Apple never considered doing so," Muck tweeted after meeting with the Apple CEO.