In the two weeks since Elon Musk tried to reassure advertisers that Twitter wouldn’t turn into a “free-for-all hellscape” under his ownership, a number of those advertisers do not appear to be taking him at his word. Pfizer (PFE) General Motors (GM) and United Airlines (UAL) are just a few of the brands that have said they were pausing their ad spending on the social-media platform following Musk’s $44 billion acquisition. Major ad agencies are recommending that their clients hit the brakes as well. Read More...
Reuters
U.S. hotels reel from China COVID curbs amid travel boom
U.S. hotel operators expect more pain from China’s strict COVID-19 lockdowns which have halted construction of some luxury properties and impeded travel to one of the world’s key tourism markets. Growth in China has been stuttering at a time when companies are rushing to open hotels and capitalise on pent up travel demand, with construction of new properties picking up pace in the United States after the pandemic halted expansion plans. Travel recovery in other parts of the world boosted results of major hotel chains this year, but President Xi Jinping’s measures to contain COVID in China have pressured room growth and hospitality revenue in the country.
