Elon Musk’s social network X may lose up to US$75 million in revenue by the end of the year due to advertising freezes by major companies, reported Sputnik quoting a New York Times report.
Internal documents seen by the newspaper indicated that over 200 brands, including Airbnb, Amazon, Coca-Cola, and Microsoft, stopped placing their ads on the social network or are thinking about doing so after Musk endorsed an antisemitic conspiracy theory earlier this month.
On November 15, Musk replied to a post on X, which claimed that Jewish communities were pushing hatred against white people, saying it is “the actual truth.”
The next day, the Media Matters watchdog released a report arguing that X has been placing ads for Apple, Bravo, IBM, Oracle, and Xfinity next to “pro-Nazi content.”
Following the incident, Disney, IBM, Apple, and some other large companies suspended advertising on the social network. X, in turn, filed a lawsuit against Media Matters. – Bernama