The company has said that it plans to find alternative routes to meet advertising goals in the coming weeks.
The promoted accounts ad format allowed advertisers to pay to have their accounts appear at the top of search results and in the "Who to follow" section of the Twitter app.
It was one of Twitter's oldest ad products and generated over $100 million in revenue for the company each year.
Twitter's decision to shut down promoted accounts is part of a larger effort by the company to focus on more engaging ad formats, such as video ads.
The company is also reportedly working on a new ad product that will allow advertisers to target users based on their interests and behaviors.