Elon Musk tells Twitter advertisers he wants to stop fake accounts, pursue truth

What is going on at Twitter? Twitter is in chaos after Elon Musk laid off thousands of workers and promises more changes are coming. ABC's Reena Roy reports.

Elon Musk told advertisers on Wednesday that he aimed to turn Twitter into a force for truth and stop fake accounts, an effort to assuage brands and advertising agencies that are increasingly backing away from the social media platform.

Major advertisers like General Motors and General Mills have pulled their ads off Twitter following concern about how the billionaire and Twitter's new owner could loosen content moderation rules on the service.

A coalition of civil rights groups has also ramped up pressure on Twitter's advertisers, demanding they suspend ads globally after Musk laid off roughly half of the staff. Musk blamed the coalition for "a massive drop in revenue."

"People should look back on Twitter and consider it to be a good thing in the world," Musk said in a "town hall" public discussion, saying he was aiming to stop fake accounts on the platform. "If an account is engaged in trickery, we will suspend it," he said, adding that Twitter aimed to be truthful, interesting and entertaining.

Musk has moved quickly to make changes in the Twitter app, creating some confusion. Musk said in a tweet on Wednesday that he "killed" a new "official" label for Twitter accounts, on the same day that it began rolling out.

"Please note that Twitter will do lots of dumb things in coming months," he tweeted. "We will keep what works & change what doesn’t."

Musk backtracked on the official label just a day after a product executive at the social media company announced it, leading to confusion about the difference between the label and Twitter's current blue check mark that signifies verified accounts.

(Reporting by Sheila Dang in Dallas; Editing by Chizu Nomiyama and Cynthia Osterman)