As reported by Engadget, this substantial financial loss is attributed to the dearth of advertisers on X, the platform formerly recognized as Twitter. Internal documentation scrutinized by The New York Times discloses that over 100 advertisers, spanning from corporate entities to political contenders, have discontinued their ad campaigns on X, with an additional “dozens more” contemplating a similar course of action.
These documents also purportedly chart the conceivable repercussions of X’s advertiser exodus, particularly from those who withdrew their advertisements following Musk’s endorsement of a conspiracy theory widely condemned as antisemitic. Nonprofit and media watchdog Media Matters subsequently released a report highlighting instances where ads on X were displayed alongside content deemed antisemitic, culminating in an ongoing legal dispute between the two entities.
Prestigious entities such as Apple, IBM, and Disney were among the earliest to retract their ads from X, with Lionsgate publicly declaring a suspension of its ad placements on the platform in response to Musk’s controversial tweet. The Times additionally notes that prominent corporations have suspended campaigns worth millions, including Airbnb’s million USD initiative, Netflix’s million USD commitment, and a potential million USD from Microsoft’s subsidiaries.
A spokesperson for X refuted the report, asserting that the figures were either outdated or “represented an internal exercise to evaluate total risk.” They also asserted that the anticipated loss in ad revenue currently stands at approximately million USD, subject to fluctuations dependent on advertiser returns or increased advertising expenditure.
The tweet in question witnessed Musk endorsing a statement from another user suggesting that “western Jewish populations” were “coming to the disturbing realization that those hordes of minorities supporting the influx into their country don’t exactly harbor favorable sentiments towards them.” Musk retweeted the statement, affirming, “you have spoken the undeniable truth.”
