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.

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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