Rumours emerged this week that L'Oréal had reportedly suspended its advertising spending on Twitter, following Elon Musk's US$44bn takeover of the social media platform.
This was according to two sources close to L'Oréal who knew about the alleged decision.
The beauty giant has vehemently denied the claim, however, the Financial Times reported that it “did not make any decision to suspend advertising spending on Twitter”.
Musk, one of the world’s richest men, snapped up Twitter on 27 October 2022, according to a US government filing.
The South African-born entrepreneur went on to fire Twitter's CEO Parag Agrawal two days after the acquisition.
He then dissolved the business’ entire executive board, placing himself as the sole director.
The quick succession of company shake ups has left many brands feeling nervous about Twitter's future under Musk.
Last week US carmaker goliath General Motors said it “temporarily paused” paid advertising on the social media site.
Advertisement sales represented over 90% of Twitter's revenue for the second quarter of 2022, according to Reuters.
Cosmetics Business has contacted L'Oréal and Twitter for comment.
L'Oréal denies it has suspended Twitter advertising spending
Elon Musk, one of the world’s richest men, snapped up Twitter on 27 October 2022 in US$44bn
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