Elon Musk, Twitter’s current frontman, reversed the ban on political ads previously imposed by former CEO Jack Dorsey. This pivot aligns with Musk’s stance as a “free speech absolutist” and his goal of accruing $100 million from political ads by 2024. However, doubts linger regarding the platform’s ability to recover revenue losses resulting from major brands departing the space.
Strategic Investments
Twitter has notably increased its commitment in this arena, hosting a recent event in Washington attended by around 100 current and potential political clients. Linda Jaccarino, the Chief Executive, is steering the platform towards an annual political ad revenue target of $100 million, particularly in crucial election years. X has assembled a specialized team of 10 individuals who conducted over 400 meetings and calls with diverse stakeholders, spanning from digital marketers to political action groups.
Building the Team
Leading this newly formed political ad sales team is Stan McGuire, a seasoned professional with prior experience in political sales for Hulu and Walt Disney. X has strategically appointed Matthew Madrazo, Jaccarino’s son, to oversee relations with Republicans, while enlisting Jonathan Phelps, a veteran media campaigner, to recruit a cadre of Democrats, notes NIXsolutions.
Expanding Efforts
In anticipation of the impending 2024 election cycle, the company is actively seeking additional personnel for its burgeoning political ad sales team, posting new job openings to fortify their strategy.