According to Zo Schiffer, Amazon plans to spend about $100 million a year on advertising on the micro-blogging site. She said that the online retail giant was waiting for some security changes to be made. On Tuesday, Musk said Apple had resumed advertising on the platform. Musk thanked advertisers for coming back to the social networking site.
In the days after Musk took over, half of the top 100 advertisers pulled their spending.
They spent $750 million on ads this year alone, and have accounted for $2 billion of the company's revenue since 2020.
The New York Times reported that Apple paused its ads on social media after a shooting at a nightclub in Colorado Springs that left five people dead.
General GM was one of the first advertisers to stop running ads. In October, the rival said it needed to review the platform. Sources told The New York Times that the decision was made due to GM's concern that its data could be passed on toTesla.
The steep loss of revenue was counteracted by incentives offered by the micro-blogging site. The source said that if advertisers spend more than $500,000 it will be matched by the micro-blogging site.
According to internal sources, the ad revenue in the week of November 20 was 80% below expectations.
According to the Times report, some brands only agreed to advertise for the Super Bowl and had clauses that allowed them to change their minds at any time.
They did not reply to Insider's request for comment.
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