General Motors has temporarily suspended paid advertising on Twitter, a day after billionaire and Tesla CEO Elon Musk completed a $44 billion acquisition of the social media platform.
CNBC was the first to report GM’s decision. TechCrunch confirmed the decision of the American automaker.
“We are engaging with Twitter to understand the direction of the platform under their new ownership,” the company said in a statement emailed to TechCrunch. “As in the normal course of business with a material change in a media platform, we have temporarily suspended our paid advertising. Our interactions with customer service on Twitter will continue.
It’s unclear what percentage of GM’s total advertising budget is spent on Twitter.
Most, if not all, automakers have a presence on Twitter. Although not all opt for paid advertising.
Ford, GM, Stellantis, Porsche, VW and Volvo are just a handful of established automakers, as well as new companies like Rivian that have social media accounts on the platform. Fisker is still on Twitter even after its founder and CEO Henrik Fisker deleted his personal account in April following news of the Musk-Twitter deal.
Musk tried to allay advertisers’ fear earlier this week with a note posted to his personal Twitter account about his planned approach to managing the social media platform.
“There’s been a lot of speculation about why I bought Twitter and what I think about the ad,” Musk wrote. “Most things have been wrong.” He went on to write that he believed Twitter had the potential to be a “common digital public square” and that the platform could not be “a free-for-all hellish landscape”.
Musk’s promises may not be enough for GM as it seeks to compete with and even surpass Tesla in electric vehicle sales.