Elon Musk’s X may lose nearly $75 million in ad revenue by year’s end: Report

Social media company owned by Elon Musk informed of on Friday.

Several companies, including Walt Disney and Warner Bros. Discovery, have halted their advertising on the site, formerly known as Twitter, after Musk endorsed an anti-Semitic post on the platform last week.

The X retaliated, sued the media watchdog group media matters, alleging that the organization defams the stage with a report that it is said that advertisements of major brands including Apple and Oracle have been said to advertisement Adolf Hitler and Nazi Had appeared next to the party’s promotional post.

Internal documents seen by The New York Times this week list more than 200 ad units from companies like Airbnb, Amazon, Coca-Cola and Microsoft, many of which have paused or are considering pausing their ads on the social network. , the report said.

According to the report,

The company did not immediately respond to a Reuters request for comment.

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

Reuters previously reported that the platform’s US ad revenue has declined by at least 55 percent year-on-year in every month since Musk’s acquisition.

© Thomson Reuters 2023

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