General Motors has temporarily paused paid advertising on Twitter, a day after billionaire Tesla CEO Elon Musk completed a $44 billion acquisition of the social media platform.
CNBC was the first to report decision of GM. londonbusinessblog.com confirmed the American automaker’s decision.
“We are working with Twitter to understand the direction of the platform under their new ownership,” the company said in an emailed statement to londonbusinessblog.com. “As is normal with a major media platform change, we have temporarily paused our paid advertising. Our customer service interactions on Twitter continue.”
It’s unclear what percentage of GM’s total advertising budget is spent on 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 founder and CEO Henrik Fisker deleted his personal account in April following the announcement of the Musk-Twitter deal.
Musk attempted to quell advertisers’ fears earlier this week with a post on his personal Twitter account about his proposed approach to running the social media platform.
“There has been a lot of speculation about why I bought Twitter and what I think about advertising,” Musk wrote. “Most of it went wrong.” He went on to write that he believes Twitter has the potential to be a “common digital city square” and that the platform cannot be “a free hellscape.”
Musk’s promises may not be enough for GM as it tries to compete and even surpass Tesla in EV sales.