Twitter was once a necessity for major brands. Under Elon Musk, it's now "high risk."
CBSN
Twitter was once the place where major brands promoted new products, responded to customer complaints and honed their image. But after less than three weeks of ownership under Elon Musk, the social media service is now viewed as "high risk" by one major advertising company — and other big brands are continuing to bail.
Luxury fashion brand Balenciaga deleted its Twitter account this week, the latest high-profile company to retreat from the social media service amid a litany of problems under Musk's leadership. Eli Lilly has withdrawn its advertising from Twitter after a fake account tweeted that it was making its insulin products free, according to the Washington Post. That fake tweet caused Eli Lilly's stock to drop and placed renewed focus on the high price of insulin.
And the world's biggest media buyer, Group M, is now warning its clients that advertising on Twitter is "high risk," officials at Group M confirmed. Group M works with brands like Google, Ford and Coca-Cola on buying ads across media services, representing 1 in every 3 ads globally.
Meta is ending its key diversity, equity and inclusion programs, joining other corporate giants like Ford, McDonald's and Walmart that have pulled the plug on their DEI initiatives.
The Biden administration on Friday announced it would extend the temporary legal status of nearly 1 million immigrants from El Salvador, Sudan, Ukraine and Venezuela, utilizing a program that is expected to be curtailed by the incoming Trump administration.
At least four people were injured Friday morning after a Minneapolis-bound Delta Airlines flight aborted its takeoff at Hartsfield-Jackson Atlanta International Airport, airport officials said.
Titan Farms, a South Carolina company that supplies fresh and frozen fruits and vegetables to major U.S. retailers, illegally deducted political contributions and cleaning fees from more than 1,300 seasonal foreign workers, according to federal officials.
Macy's is closing 66 store locations that it has said are underperforming. The closures are part of the storied retailer's turnaround strategy.
President-elect Donald Trump was sentenced to be released with no restrictions Friday after his criminal conviction in the "hush money" case in New York.
Tesla is recalling more than 240,000 vehicles because of a rearview visibility issue.
The victims who died in the wind-driven fires that have decimated the Los Angeles area fires this week include a man who was found holding a garden hose as well as an 82-year-old man who died in his bed, family members told CBS News.
Rudy Giuliani is set to appear in a Washington, D.C., federal courtroom Friday as a federal judge considers a request from two Georgia election workers to hold the former New York City mayor in contempt for allegedly continuing to defame them in violation of a court order.
Employers added 256,000 jobs in December, far exceeding economists' expectations and signaling that the job market remains resilient in the face of still-high borrowing rates and stickier-than-expected inflation.