After Elon Musk successfully finalized his buyout of the social media business, General Motors Co. announced late on Friday that it had temporarily stopped paying for advertising on Twitter.
The biggest car manufacturer in the United States stated that it was “working with Twitter to understand the direction of the platform under their new management.”
A request for comment from Twitter did not immediately receive a response. Musk also serves as the CEO of Tesla Inc., a competitor of GM.
GM said “as is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising.” The Detroit automaker added its “customer care interactions on Twitter will continue.”
Ad sales accounted for more than 90% of Twitter’s revenue in the second quarter. At a presentation for advertisers in May, some ad agencies and brands were already skeptical and concerned over Twitter’s future.
On the eve of the deal’s closing, Musk appealed directly to advertisers in an open-letter tweet: “Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!… Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise.”
Musk tweeted on Friday that Twitter will form a content moderation council “with widely diverse viewpoints.” Musk said no major content decisions or account reinstatements will happen before the council convenes.