Elon Musk: "This Is Why I Won’t Save GM From Bankruptcy"?

Elon Musk: “This Is Why I Won’t Save GM From Bankruptcy”?:- General Motors suspended its Twitter advertising following the acquisition of Elon Musk’s social media platform.

“We are engaging with Twitter to understand the direction of the platform under its new ownership,” GM said. GM and Musk’s Tesla are rivals. General Motors Twitter is suspending its advertising following Elon Musk’s acquisition of the social media platform.

The Detroit automaker, a rival to Musk-led electric vehicle maker Tesla, said it was stopping “advertising” as it evaluates Twitter’s new direction. GM said it would continue to use the platform to interact with customers but would not pay for advertising.

“We are joining Twitter to understand the direction of the platform under our new ownership. As is the normal way of business with a significant change in the media platform, we have temporarily paused our paid advertising. Our customer care interactions on Twitter will continue,” the company said in an emailed statement.

Under CEO Mary Barra, the Detroit company was one of the first automakers to announce spending billions of dollars to better compete against Tesla in the battery electric vehicle segment.

Ford Motor spokesperson, another Tesla rival told CNBC that the automaker is not currently advertising on Twitter, and was not doing so prior to Elon Musk’s private deal. “We will continue to evaluate the direction of the platform under the new ownership,” he added.

However, when presented with a screenshot of a promoted tweet from Ford CEO Jim Farley, the spokesman could not confirm when Ford or its affiliates last paid for ads, including promoted tweets, on the platform.

Ford continues to engage with its customers on Twitter.

Other auto companies including Stellaris and alphabet Owned Waymo did not immediately respond to requests for comment on whether they plan to suspend advertising or stop using the social media platform in the wake of Musk’s $44 billion buyout of Twitter.

electric truck manufacturer Nikolai said that it has no plans to change anything regarding the platform. Vivian declined to comment.

Twitter’s future direction has been central to the acquisition story. Musk has said he is a “free speech autocrat” who will restore the account of former President Donald Trump, who was banned for his tweets during January 6, 2021, Capitol uprising.

Musk said Friday that he is planning a “content moderation council” and will not reinstate any accounts or make major content decisions before it has convened. Musk also said in a statement to advertisers this week that he cannot allow Twitter to become a “free-for-all hell”.

Henrik Fisker, CEO of EV startup Fisker Inc. deleted his Twitter account earlier this year after Twitter’s board accepted Musk’s bid to buy the company and take it private. Fisker Inc.

Continues to use Twitter, which every major automotive brand uses for customer engagement and marketing. The company said it has no plans to change what it is doing on the social network.

Musk has long claimed that Tesla doesn’t pay for traditional advertising, a cost that has escalated over the years for traditional automakers’ brands.

Instead, Tesla rewards people who run Tesla owners’ clubs as well as other social media influencers or are members who share the company’s products, stock, and Musk with social networks, notably Twitter and YouTube. -Also promote on fan blogs.

They are often given early access to the company’s full self-driving beta software, such as Tesla products, and given passes to company events where attendance is limited.

In September 2020, Tesla weighed in on a stockholder proposal to launch strategic, paid advertising to educate the public about its vehicles and charging network. The Tesla board recommended it, and shareholders voted with the board against introducing payments for traditional advertising campaigns.

In the company’s annual report for 2021, Tesla wrote: “Historically, we have been able to generate significant media coverage of our company and our products, and we are confident that we will continue to do so. Such media coverage and word of mouth are the current primary drivers of our sales and have helped us achieve sales without traditional advertising and at relatively low marketing costs.

It reported that marketing, promotional, and advertising costs were “immaterial” for the years ended December 31, 2021, 2020, and 2019 in financial filings with the Securities and Exchange Commission.

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