X tells bankers that advertisers are back but spending less

Since Elon Musk’s October 2022 purchase, the social network has shed more than 75% of its staff, discontinued services and launched a premium subscription in an attempt to restore financial health. — Photo by JOEL SAGET/AFP

Elon Musk’s X Corp., giving bankers an update on efforts to reinvigorate growth, said that advertisers are returning to the social media platform formerly known as Twitter – but with smaller budgets than before.

Roughly 90% of the company’s top 100 advertisers have returned, up from 75% in June, Chief Executive Officer Linda Yaccarino told debt holders during the briefing Thursday, according to a person who dialed into the call. Ad spending isn’t at historical levels, though, and companies are ramping up budgets more conservatively.