Twitter has seen a rapid drop in advertising revenues amid the acquisition of the social network by Elon Musk. Major advertisers have massively cut costs, which were Twitter’s main source of revenue, according to Reuters.

According to a study commissioned by the agency from Pathmatics, Twitter lost nearly half (14 out of 30) of key advertisers. It happened after Elon Musk’s entry into the ownership of the social network.

Pathmatics analysts found that “four advertisers cut spending from 92% to 98.7% a week before Musk’s arrival and by the end of the year.” Over the last two months of last year, total ad spend from 30 key advertisers decreased to $53.8 million (42%). Even the increase in spending by six advertisers didn’t help.

However, Pathmatics noted that “spending data may be higher for some brands if Twitter offers them incentives.”

In response to the agency’s numerous requests for comment, Twitter refuses.

We previously reported that a new feature called Coins will be coming to Twitter soon. Thanks to it, users will have the opportunity to “support authors who create cool content.”