Balenciaga has become the first major luxury brand to quit Twitter, leaving behind its 950,000 followers.
The decision comes as brands are questioning Elon Musk’s vision for the social media platform and his willingness to loosen content moderation, which is expected to result in an increase in hate speech.
The social media platform has already seen several major companies, including Chipotle, Dyson, and General Motors, as well as celebrities, such as Gigi Hadid, shut their accounts. Many of the users that are quitting are supposedly afraid of being linked to hate speech and misinformation.
Meanwhile, other companies are suspending advertising following Musk’s botchy rollout of the verified blue tick mark for a $7.99 subscription. Soon after Twitter began offering the service, many spoof accounts popped up, pretending to be major corporations such as Lockheed Martin and pharmaceutical giant Eli Lilly.
Eli Lilly, for one, saw billions wiped off its valuation after a fake Twitter account with the verified blue tick mark tweeted that the company was now offering insulin for free. The company later clarified that the news was not true and that it had decided to suspend its advertising on the social media platform.
“For $8, they’re potentially losing out on millions of dollars in ad revenue,” said Amy O’Connor, a former senior communications official at Eli Lilly. “What’s the benefit to a company … of staying on Twitter? It’s not worth the risk when patient trust and health are on the line.”
Last week, Musk pleaded with advertisers not to suspend their Twitter advertising and give the platform a chance to recalibrate itself.
“I understand if people want to give it a minute and see how things are evolving,” Musk said. “But really, the best way to see how things are evolving is just use Twitter. And see how your experience has changed. Is it better? Is it worse?”
Photo credit: Balenciaga