One of the larger advertising packages available from the social media business he just acquired in a $44 billion deal and where he is now serving as CEO has been ordered by Musk's rocket company.
According to internal records from the social media business, the campaign will promote the Starlink satellite internet service in Spain and Australia
The ad campaign for Starlink is being advertised as a takeover. One current and one former employee who asked to remain unnamed because they were not authorized to speak on behalf of the company said that when a company buys one of these packages, they typically spend upwards of $250,000 to put their brand on top of the main timelines for a full day.
On the day or days of the planned takeover campaign in Australia and Spain, users should see Starlink brand messaging for the first time. The campaign was purchased in the last week and was going to run in Australia and Spain.
The current and former employees said that the company does not usually purchase large advertising packages from the social network.
The internet is provided by a constellation of satellites that beam internet down to paying subscribers who also need to have a terminal. The goal of the Starlink project was to provide high-speed internet access to people in areas that are not served by cable or fiber-optic infrastructure.
In addition to his responsibilities at Musk's other companies, he is also the CEO of electric vehicle makerTesla. He has claimed that his car company doesn't spend money on traditional advertising. Instead, the company creates buzz through motor clubs, fan events and social media.
Musk now finds himself in the position of needing to sell online advertising as the "chief twit" of a major social media platform Before Musk's controversial take-private deal, there were 237.8 million daily active users on the micro-blogging site. At least half of the revenue from the micro-messaging service will come from subscribers.
One campaign, even a big one like a takeover, is not enough to make up for the advertisers who have stopped spending on the platform.
In response to an onslaught of hate speech and misinformation on the platform, a number of companies have paused their ad spending on the social networking site. Interpublic Group's clients were told to do the same. Advertising was the main source of revenue for the company.
Advertisers lost faith in the platform when Musk suspended paid subscriber badges on the platform. The badges looked similar to an earlier verification blue check mark, but only cost users $7.99 a month. Blue check marks were cheap and used to pose as brands, politicians and celebrities.
An account that was created in the likeness of Eli Lilly caused a serious problem on Thursday when it posted a message that said, "We are excited to announce that Insulin is free now." The Eli Lilly account apologized to those who had been deceived by a fake Lilly account.
Major stock indices were positive at that time, with the S&P 500 experiencing its biggest rally in two years, despite Eli Lilly's stock price dropping after the fake tweet was posted. Musk's company, as well as others, were impersonated and pilloried.
This weekend, Musk wrote, "Twitter drives a massive number of clicks to other websites/ apps." The internet's biggest click driver. The new CEO was quickly corrected by marketing experts and former employees of the company. He deleted the post.
He was called out by a former employee, who wrote that he was lying. I have written two books on social media marketing. This is not true and the social network knows it. We didn't sell it on clicks because it's lower on traffic than other social networks. Marketing is a lot more than clicks.
In a companywide meeting last week, Musk told employees that the business faces an exodus of advertisers and a broader economic downturn and that it isn't out of the question for it to go bankrupt.
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