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Tech

Musk issues bold pledge to advertisers ahead of deadline to buy Twitter

By
Ariel Zilber
Published Oct. 27, 2022
Updated Oct. 27, 2022, 3:01 p.m. ET

Elon Musk sought to reassure jittery advertisers that he has no plans to make Twitter a “free-for-all hellscape,” as Madison Avenue is reportedly uneasy about his plans to loosen content moderation rules once he takes control of the social network.

The Tesla boss — who must close the $44 billion acquisition by Friday’s court-imposed deadline or face a trial over backing out of the deal — said in a tweet Thursday that he was buying the social media platform in order to turn it into “a common digital town square, where a wide range of beliefs can be debated in a healthy manner.”

Musk insisted that Twitter “cannot become a free-for-all hellscape, where anything can be said with no consequences,” and pledged to make the site “warm and welcoming to all.” He vowed that advertisers can count on the site to be one that “strengthens your brand and grows your enterprise.”

Advertisers reportedly have been spooked by Musk’s earlier pledge to roll back some of the site’s key decisions as it relates to content moderation, including reinstating the account of former President Donald Trump.

Around a dozen clients of the advertising firm GroupM, which serves top brand names in tech and retail, have said they plan to pause ads on Twitter if Trump’s account is reinstated, according to The Wall Street Journal.

Kieley Taylor, the global head of partnerships at GroupM, told the Journal that restoring Trump’s account, which was suspended in the wake of the Capitol riots on Jan. 6, 2021, would be a red line for some brands.

“That doesn’t mean that we won’t be entertaining lots of emails and phone calls as soon as a transaction goes through,” Taylor told the Journal. “I anticipate we’ll be busy.”

Musk, who once tweeted “I hate advertising,” said he wants Twitter to be “the most respected advertising platform,” in a bid to gain the trust of ad buyers ahead of the acquisition.

Ad sales accounted for more than 90% of Twitter’s revenue in the second quarter, and Reuters reported earlier this week that the company was struggling to keep its most active users who are vital to the business.

That underscores the challenge faced by Musk, who visited Twitter’s headquarters in San Francisco on Wednesday and also hinted at being the company’s top boss by updating his profile bio to “Chief Twit.”

The question of reinstating Trump on the social media platform has been seen as a litmus test of how far Musk will go in making changes, even though Trump himself has said he would not return.

Musk, Twitter co-founder Jack Dorsey and investors in the deal had previously suggested moving away from advertising and seeking revenue from subscriptions and other means. Advertisers have also told Reuters they were apprehensive of the takeover.

“There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong,” Musk said in a tweet on Thursday.

“Fundamentally, Twitter aspires to be the most respected advertising platform in the world that strengthens your brand grows your enterprise.”

Twitter deal’s completion would mark an end to a six-month-long saga. The company’s shares will be suspended from trading on Friday, the New York Stock Exchange’s website showed.

Twitter’s shares were up about 1% at $53.90 in late trading on Thursday.

With Reuters