Balenciaga has officially left Twitter following Elon Musk’s chaotic takeover.
As more and more advertisers have expressed concern over Musk’s moves, Balenciaga has become the first major fashion house to completely remove its account, as first reported by Business of Fashion. The company hasn’t provided a reason behind its departure, but it comes as Twitter has introduced and subsequently removed paid account verification. Balenciaga confirmed its departure, but declined to provide further context.
The last few weeks have been a tumultuous time for Twitter, which Mus acquired for $44 billion. Top executives have resigned amid the disorganized takeover, including chief information security officer Lea Kissner. The recent developments have even sparked concern from the Federal Trade Commission.
Tweeters aren’t too happy about the changes he’s implemented, either, as verified accounts pretending to be numerous celebrities have sparked controversy. Twitter Blue, which offered users the opportunity to verify their accounts for $7.99 a month, has since been disabled. Musk admitted that the move to offer such verification was “maybe … a dumb decision.”
Per The Independent, the Twitter Blue drama reached critical mass after a “verified” account pretended to be pharmaceutical company Eli Lilly to falsely announce free insulin. The company’s stock dropped 2.2 percent as a result of the fake tweets, which also prompted Novo Nordisk and Sanofi stocks to fall.
On Saturday, The Telegraph reported that global media agency Omnicom has advised its clients to pause Twitter promotions over concerns of a “serious risk to brand safety.” The company represents some of the biggest advertisers in the world, including McDonald’s, Apple, and Pepsi.
It’s a good thing no one really goes to Balenciaga for tweets.