Musk's X social media platform shuts down promoted accounts ad business - Axios

[August 15, 2023]  (Reuters) - Social media company X, formerly known as Twitter, will no longer allow advertisers to promote their accounts within the platform's timeline to attract new followers, Axios reported on Tuesday, citing an email to advertising clients.

A screen capture of Twitter's official page with an "X" on the profile image is seen on July 23, 2023 in this screengrab obtained from a social media website. via REUTERS/File Photo

Promoted accounts, or "Follower Objective" ads, generate more than $100 million annually in global revenue for X, according to the report.

X did not immediately respond to a Reuters request for comment.

Advertisers largely rely on promoted follower ads to drive business on the platform and target certain audiences.

CEO Linda Yaccarino, the former advertising chief at NBCUniversal, has been trying to rebrand the company's image since she started as CEO on June 5 and bring back advertisers who left the platform after Elon Musk's changes.

(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shounak Dasgupta)

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