Elon Musk’s social network, X, is facing a new advertiser exodus as a record number of brands plan to cut spending.

The research company Kantar found that 26pc of marketers planned to cut spending on the social network, formerly known as Twitter. It said that although advertisers had steadily cut spending in the past few years, there was a “stark acceleration” in those withdrawing their business from X.

Mr Musk, who paid $44bn (£34bn) for Twitter in 2022, has attacked high-profile advertisers who withdrew spending – such as Disney and Apple – accusing them of “blackmail” and of killing the company. He has sued the Unilever-backed trade body Garm, claiming its members conducted an illegal boycott of X.

Mr Musk has also allowed a string of previously banned accounts back on the platform, including those of former US president Donald Trump and far-Right activist Tommy Robinson, raising concerns among advertisers that their messages would appear next to hate speech or illegal content.

Kantar’s annual Media Reactions report, which surveys advertisers, found that only 4pc of marketers believed advertising on X provides brand safety, against 39pc for Google. Just 12pc said adverts on X were trustworthy, down from 22pc two years ago.

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