Elon Musk-owned social media company X could lose as much as $75 million in promoting revenue by the tip of the yr as dozens of major brands pause their marketing campaigns, the Recent York Times reported on Friday.
Musk backing an antisemitic post on the platform last week has led several firms including Walt Disney and Warner Bros Discovery to pause their advertisements on the positioning formerly called Twitter.
X has struck back and sued media watchdog group Media Matters, alleging the organization defamed the platform with a report that said ads for major brands including Apple and Oracle had appeared next to posts touting Adolf Hitler and the Nazi party.
Internal documents viewed by The Recent York Times this week list greater than 200 ad units of firms from the likes of Airbnb, Amazon, Coca-Cola and Microsoft, lots of which have halted or are considering pausing their ads on the social network, the report said.
Musk backing an antisemitic post on the platform last week has led several firms including Walt Disney and Warner Bros Discovery to pause their advertisements.via REUTERS
X said on Friday $11 million in revenue was in danger and the precise figure fluctuated as some advertisers returned to the platform and others increased spending, in line with the report.
The corporate didn’t immediately reply to a Reuters request for comment.
Advertisers have fled X since Musk bought it in October 2022 and reduced content moderation, leading to a pointy rise in hate speech on the positioning, in line with civil rights groups.
Advertisers have fled X since Musk bought it in October 2022 and reduced content moderation. AP
The platform’s US ad revenue has declined at the least 55% year-over-year every month since Musk’s takeover, Reuters previously reported.
