Advertising research firm shows that top advertisers slashed their spending by 71%.
Ad spending on Twitter fell 55% from last year, according to the Standard Media Index SMI data.
It was the same month that Musk restored suspended accounts and released a paid account verification that resulted in scammers impersonating corporations, according to Pathmatics.
Two large advertising companies advised clients to pause their paid advertising on Twitter at the time.
It was a time traditionally known for higher advertising spending as brands promote their products during the holiday season.
The data from SMI comes as Twitter is trying to reverse the advertiser exodus.
Some free ads, a ban on political advertising and allowing companies greater control over the positioning of their ads have been introduced by Twitter.
Fourteen of the top 30 advertisers on Twitter stopped advertising on the platform after Musk took over on October 27 according to Pathmatics estimates.
The Information reported that Twitter's fourth quarter revenue fell by 35% year-over-year due to a slump in advertising and technology-focused publications.
Advertising accounted for 89% of the $5.08 billion revenue on Twitter in 2021.