According to the latest report, General Motors, the largest U.S. automaker, said it temporarily stopped paying to advertise after Elon Musk completed the acquisition of Twitter.
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GM noted, “The company is reaching out to Twitter to understand where the platform is headed under new ownership. As a normal business process for a significant change in media platforms, we are temporarily suspending paid advertising .”
GM also said its “customer service interactions on Twitter will continue,”. The financial report shows that in the third quarter of 2022, GM achieved revenue of US$41.9 billion, a year-on- year increase of 56.4% ; net profit attributable to shareholders was US$3.3 billion, a year-on- year increase 36.6% ; earnings per share were $2.25.
Musk is also the CEO of GM rival Tesla Inc in April this year, Musk proposed to acquire Twitter at a price of $54.20 per share. On October 28, Musk completed a transaction to take Twitter private for $44 billion.