New Telegraph

X May Lose Up To $75m By Year End

Famous microblogging platform, X, formerly known as Twitter is at the risk of losing $75 million in advertising revenue by the end of the year as dozens of major brands pause/cancel their marketing campaigns.

According to exclusive reports by the New York Times on Friday, Elon Musk’s backing of an antisemitic post on the platform last week has led several companies including Walt Disney and Warner Bros Discovery to pause their advertisements on X.

X has struck back and sued media watchdog group Media Matters, alleging the organization defamed the platform with a report that said adverts for major brands including Apple and Oracle had appeared next to posts touting Adolf Hitler and the Nazi party.

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Internal documents viewed by sources this week list more than 200 advertisement units of companies from the likes of Airbnb, Amazon, Coca-Cola and Microsoft, many of which have halted or are considering pausing their advertisement on the social network, the report said.

X said on Friday $11 million in revenue was at risk and the exact figure fluctuated as some advertisers returned to the platform and others increased spending, according to the report.

Advertisers have fled X since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on the site, according to civil rights groups.

The platform’s U.S. advertising revenue has declined at least 55% year-over-year each month since Elin Musk’s takeover.

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