Elon Musk’s social media platform X’s 2023 ad sales are projected to fall to about $2.5 billion, Bloomberg News reported Tuesday.
Several corporations including Comcast and Walt Disney paused their advertisements on the platform after Musk last month agreed with a post on X, formerly Twitter, that claimed Jewish people were stoking hatred against white people.
Joe Benarroch, head of business operations at X, told Reuters the report “presents an incomplete view of our entire business, because the sources Bloomberg relied on for information usually are not providing accurate and comprehensive details.”
Musk last month agreed with a post on X that claimed Jewish people were stoking hatred against white people. Getty Images for The Latest York Times
X’s revenue from promoting services for the last 4 quarters as a public company totaled $4.7 billion, in keeping with LSEG data, covering the second half of 2021 and first half of 2022.
The corporate generated somewhat greater than $600 million in promoting revenue in each of the primary three quarters of 2023, and expects an identical performance in the present period, the report added citing people conversant in the matter.
Since Musk’s takeover in October 2022, monthly US ad revenue declined no less than 55% year-over-year every month, in keeping with third-party data provided to Reuters in October.
The corporate generated somewhat greater than $600 million in promoting revenue in each of the primary three quarters of 2023, in keeping with Bloomberg. ZUMAPRESS.com
Ad sales make up between 70% and 75% of X’s total revenue.
Executives had targeted $3 billion in revenue from promoting and subscriptions in 2023, but will fall far in need of that number, in keeping with the report.
Musk had also said in July Twitter’s money flow had remained negative due to a virtually 50% drop in promoting revenue and a heavy debt load.
