Elon Musk says Twitter has had 'massive' revenue drop as advertisers pause spending

Twitter has suffered a "massive driblet successful revenue" due to the fact that of advertisers pausing advertizing connected the societal media platform, Elon Musk, the caller proprietor of the company, said Friday.

In a tweet, Musk formed blasted connected "activist groups pressuring advertisers." He said Twitter hasn't changed its contented moderation strategy, and added that the institution has done "everything we could to appease the activists."

Musk reiterated that conception successful an interrogation astatine the Baron Investment Conference connected Friday.

"We've made nary alteration successful our operations astatine all," Musk said connected signifier during the event. "And we've done our implicit champion to appease them and thing is working. So this is simply a large concern. And I deliberation this is frankly an onslaught connected the First Amendment."

In caller days, a fig of companies said they would temporarily pause their advertizing spending connected Twitter to spot however things would alteration determination nether Musk's ownership. Tesla competitors General Motors and Audi, and food titan General Mills are among the companies that person paused Twitter spending aft Musk completed his $44 cardinal acquisition connected October 28. Ad elephantine IPG advised clients to temporarily intermission their Twitter media plans arsenic well.

Twitter informed employees Thursday evening, days aft the SpaceX and Tesla CEO took power of the company, that it would statesman laying disconnected unit members, according to communications obtained by NBC News. Twitter's contented moderation squad is expected to beryllium among those impacted by the occupation cuts, Reuters reported, citing tweets by employees.

-- CNBC's Lora Kolodny contributed to this story.