To entice brands back to Twitter, now called “X,” Elon Musk’s X Corp. has reportedly implemented significant ad price reductions to revive advertising commitments on the social network.

What Happened: The social media giant formerly known as Twitter, now rebranded as “X,” has taken bold measures to regain advertisers’ trust and boost revenue. 

Musk’s X Corp. has decided to slash ad prices to woo brands back to the platform, reported The Wall Street Journal, citing emails sent this week to advertisers. 

See Also: Google Takes To Rebranded Twitter, Goes Overboard With Elon Musk’s ‘X’ Logo

The platform has reportedly faced difficulties securing new ad commitments under Musk’s ownership, primarily due to concerns surrounding his unconventional management and content moderation approach. 

Musk's decision to rebrand Twitter as ‘X' has also reportedly resulted in the company suffering a devastating blow, ranging from $4 billion to as much as $20 billion.

To counter these setbacks, X Corp. has decided to reduce pricing on video ads featured alongside the list of trending topics in X’s “Explore” tab, giving brands prime 24-hour placement atop the site’s trending list.

The company has also introduced attractive discounts, including a 50% off on new bookings for these trending topic ads until July 31. 

Moreover, X Corp. has warned advertisers that, starting Aug. 7, accounts will lose their verification status—a gold check mark indicating that the account genuinely represents the brand—unless they meet certain spending thresholds: spent at least $1,000 on ads or $6,000 on ads in the previous 30 or 180 days, respectively. 

Why It’s Important: For the unversed, Linda Yaccarino, formerly the head of advertising at NBCUniversal, was appointed as Twitter, now called ‘X’s’ new chief executive, to revitalize brand participation. 

Last month, during a tech conference in Paris, Musk expressed confidence in Yaccarino and said that Twitter has regained, or soon will, almost all of the advertisers who left the platform since his acquisition last year.

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