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They aren't seeing the money they spend on Twitter back in most cases. Twitter as an ad platform is honestly terrible. There is very little targeting and even less control over what ads and content you don't want to be posted alongside. Facebook is terrible and evil and very no good bad but as someone who has used FB as an advertising platform, it is light-year beyond what you get out of Twitter. You can target your advertisements so specifically that you could effectively pin point a single user with the demographics settings alone. You want to advertise only to Russian grandmothers who live on farms in Michigan and play pickleball on the weekends? Facebook will get you there. On Twitter, you get next to no click through because the ads are annoying and irrelevant to the user. On Facebook, the clicks just come rolling in because users see things that they would have been interested in anyways.
The thing everyone is missing in these headlines is why advertisers left in the first place. They aren't leaving because there are horrible people on the platform and the CEO is a gobber with more money than sense. There are horrible people running these companies anyways. Anyone's money is good to them. No, advertisers have left because Twitter refuses to improve in any meaningful way for the users or the advertisers. Why would I spend money on Twitter when that same money will get me 10x more clickthroughs and all of them by my target demographic on Facebook?
Do you know the comparable cost of ads on these platforms? Does a Facebook ad cost 10x as much as Twitter? Just curious why advertisers would choose to use Twitter in the first place if they don't provide much value. Maybe companies just feel compelled to keep up with the Jonses, who are all putting ads there? Or is this a more recent based on how Twitter and Facebook are developing (or not) their ad platforms?