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L’Oréal denies report saying it suspended Twitter ad spending

by Staff GBAF Publications Ltd
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(Reuters) -Cosmetics maker L’Oréal SA said it had not suspended advertising spending on Twitter, denying a Financial Times report from earlier on Wednesday that cited sources familiar with the matter.

“L’Oréal did not make any decision to suspend advertising spending on Twitter,” a company spokesperson told Reuters in an email.

Twitter did not immediately respond to Reuters’ requests for comment.

Last week, top U.S. automaker General Motors Co said it had temporarily halted paid advertising on Twitter after Elon Musk completed his takeover of the social media company.

Musk said in an open letter to advertisers last week that he wanted Twitter to be “the most respected advertising platform in the world.”

Ad sales represented over 90% of Twitter’s revenue in the second quarter. At a presentation for advertisers in May, some ad agencies and brands were already skeptical about Twitter’s future.

The beauty group is known for Maybelline mascara and Lancome skincare among other popular brands.

(Reporting by Akash Sriram and Deborah Sophia in Bengaluru, and Mimosa Spencer in Paris; Editing by Anil D’Silva and Aurora Ellis)