The main reason is that leading advertisers have cut their spending on the social network after it was acquired by Elon Musk.
This was reported by Reuters.
According to research firm Standard Media Index, advertiser spending on Twitter in December fell by 71 per cent. The main reason is that advertisers don't want to spend their budgets on Twitter after the social network was acquired by Ilon Musk.
The social network is trying to stop the exodus of advertisers. For example, it is offering free ads, lifting the ban on advertising etc. But it appears that this is not enough so far.
14 of the top 30 advertisers on Twitter have stopped all advertising on the platform since Musk took over on October 27, according to Pathmatics estimates.