LinkedIn, a professional networking site, saw its LinkedIn Ads revenue go up by 10.1 percent year-on-year in 2023, with earnings touching 4 billion USD. Today, LinkedIn is being valued at 12.5 billion USD.
Since the time Elon Musk took over the reins of X in 2022, a host of advertisers exited the platform which brought down the valuation of the platform by 71 percent.
As per Media Radar, the average number of advertisers dropped from 3,900 in May 2022 to 2,900 in September 2022.
Global brands like Audi, General Motors, United Airlines Holdings, General Mills, Mondelez International, Allianz, Pfizer and Balenciaga too took a step back.
Even global advertising groups like WPP’s GroupM, Omnicom and Interpublic Group advised the brands they handle to follow suit.
As per a media report, X’s internal revenue projections for the final quarter of 2022 stood at $1.1 billion which decreased from $1.4 billion.