General Motors has temporarily paused paid advertising on Twitter, one day after billionaire and Tesla CEO Elon Musk finalized a $44 billion acquisition of the social media platform.
CNBC was the first to report GM’s decision. TechCrunch confirmed the U.S. automaker’s decision.
“We are engaging with Twitter to understand the direction of the platform under their new ownership,” the company said in an emailed statement to TechCrunch. “As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising. Our customer care interactions on Twitter will continue.”
It’s unclear what percentage of GM’s total advertising budget is dedicated to Twitter.
Most, if not all, automakers have a presence on Twitter. Although not all of them opt for paid advertising.
Ford, GM, Stellantis, Porsche, VW and Volvo are just a handful of the established automakers along with newer companies like Rivian that have social media accounts on the platform. Fisker is still on Twitter even after its founder and CEO Henrik Fisker deleted his personal account in April following the announcement of the Musk-Twitter deal.
Musk tried to quell advertisers’ fear earlier this week with a note posted on his personal Twitter account about his intended approach to running the social media platform.
“There has been much speculation about why I bought Twitter and what I think about advertising,” Musk wrote. “Most of it has been wrong.” He went on to write that he believes Twitter has the potential to be a “common digital town square,” and that the platform cannot be “a free-for-all hellscape.”
Musk’s promises might not be enough for GM as it seeks to compete and even surpass Tesla in EV sales.
GM pauses paid advertising on Twitter as Chief Twit Elon Musk takes ownership by Kirsten Korosec originally published on TechCrunch