Twitter Faces Advertiser Skepticism At New York Event Ahead Of Elon Musk Takeover

Twitter Inc TWTR reportedly talked about advertising opportunities on its platform at an event in New York City on Wednesday, even as Tesla Inc TSLA CEO Elon Musk prepares to take over the company.

What Happened: Advertisers were not fully convinced by Twitter’s showcase, according to a Reuters report, which cited three ad agency executives.

"It has been a quiet month here at Twitter,” Twitter vice-president of global client solutions, JP Maheu, reportedly joked at the beginning of the presentation. 

“I would like (Twitter) to address and talk to it, because there’s a lot of curiosity,” said Alex Stone, senior vice president at Horizon Media, according to Reuters.

Jasmine Wang, media director at Altice USA, reportedly said she expected the presentation to be longer and have more substance, and that it would address possible changes under Musk.

See Also: How To Buy Twitter (TWTR) Shares

Why It Matters: Twitter announced a slew of partnerships with media companies such as Conde Nast and Essence at the event. The company said E! News will live stream shows on Twitter, according to Reuters. 

The social media platform said advertisers will be able to buy ad spots that run next to videos from media companies, according to the Report. 

The company said Fox Sports will host live pre-game shows on Twitter for every match of the FIFA men's World Cup in Qatar later this year and the women's World Cup in 2023.

Notably, CEO Parag Agrawal had confirmed Twitter’s presence at the event on April 28 in response to a journalist’s tweet.

Definitely happening https://t.co/OW9AXP4YpL

— Parag Agrawal (@paraga) April 27, 2022

Twitter advertisers are facing pressure from activist groups to ensure adherence to content standards post the Musk deal. 

Price Action: On Wednesday, Twitter shares closed 0.5% higher at $49.10 in the regular session and fell 0.4% after the bell. On the same day, Tesla shares rose 4.8% in regular trading to $952.62 and declined 0.5% in the after-hours session, according to data from Benzinga Pro. 

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