L'Oréal rejects reports that it has discontinued Twitter advertising investment

L'Oréal SA, the creator of cosmetics, claimed it has not ceased advertising spending on Twitter, contradicting a Financial Times report from earlier in the day that cited persons familiar with the situation.

"L'Oréal has made no decision to discontinue advertising spending on Twitter," a company representative said in an email to Reuters.

Twitter did not react immediately to Reuters' requests for comment.

Last week, General Motors Co said it had temporarily ceased paid advertising on Twitter following Elon Musk's purchase of the social media business.

Musk stated in an open letter to advertisers last week that he aspires to make Twitter the "most respected advertising platform in the world."

In the second quarter, ad sales accounted for more than 90% of Twitter's revenue. Some ad agencies and businesses were already dubious about Twitter's future at a May presentation for marketers.

Among other notable products, the beauty firm is known for Maybelline mascara and Lancome skincare.

(source : reuters)