"L'Oréal did not make any decision to suspend advertising spending on Twitter," a company spokesperson told Reuters in an email.
The statement comes after a major ad brokerage, IPG, advised clients, including American Express, Coca-Cola and Johnson & Johnson, to pause advertising on Twitter for the next week until the company gives more details about its plans to protect trust and safety.
On Thursday, more major advertisers said they would be suspending, including General Mills, Audi, Pfizer, Volkswagen, and more.
"We have paused advertising on Twitter," said Kelsey Roemhildt, a spokesperson for General Mills. "As always, we will continue to monitor this new direction and evaluate our marketing spend."
Musk also tweeted on Friday, "Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America."
A mass sign-on letter was sent to major companies that advertise on Twitter, including Amazon, Disney, Google, and Verizon earlier this week, demanding that they cease advertising on the platform if Musk "follows through on his plans to undermine brand safety and community standards including gutting content moderation."
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