Advertising spending on Twitter Inc dropped by 71% in December, data from an advertising research firm showed, as top advertisers slashed their spending on the social media platform after Elon Musk’s takeover.

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The recent data from Standard Media Index comes (SMI) as Twitter is moving to reverse the advertiser exodus. It has introduced a slew of initiatives to win back advertisers, offering some free ads, lifting a ban on political advertising, and allowing companies greater control over the positioning of their ads.

According to the SMI data, ad spending on Twitter in November fell 55% from last year despite these months traditionally being a time of higher ad spending as brands promote their products during the holiday season.

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