SAN FRANCISCO – Elon Musk said that advertiser fears over content moderation on Twitter caused a “massive drop in revenue” at the platform even though no changes have been made.

The comments come after brands including Audi, Pfizer and General Mills said they planned to temporarily pause spending on the platform while they wait to see how it evolves under Mr Musk’s leadership. 

Mr Musk, who has branded himself a free-speech advocate, has said he wants to change how the website treats controversial content, while reassuring advertisers that he does not want it to turn into a “free-for-all hellscape, where anything can be said with no consequences.”

The billionaire paid US$44 billion (S$60 billion) for Twitter after a contentious courting process that resulted in a clear-out of senior management once the Tesla chief executive officer took over.

Mr Musk’s ownership has already brought immediate disruption to Twitter’s operations, in part because many of his ideas for how to change the company are at odds with how it has been run for years. BLOOMBERG