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X may lose millions of dollars due to advertising crises - Report
Elon Musk's social media company X (formerly Twitter) is experiencing growing advertising problems. Recently, the platform saw several large companies stop showing ads, including Apple, IBM, and Comcast. Now, a new report claims that the platform may lose up to $75 million by the end of 2023 due to the departure of companies.
It all started after some reports emerged claiming that Musk endorsed an anti-Semitic post on the platform last week. In X, Musk could be seen agreeing to a poster that said Jewish communities hate white communities. This has led several companies, including Walt Disney and Warner Bros Discovery, to suspend their ads on the site formerly called Twitter.
X Faces Advertising Crises
X contracted and sued the Media Surveillance Group Matters, claiming that the organization defamed the platform with a report that said that advertisements of important brands, including Apple and Oracle, had appeared next to posts that promoted Adolf Hitler and the Nazi party.
Internal documents seen by The New York Times this week list more than 200 ad units from companies, including Airbnb, Amazon, Coca-Cola, and Microsoft. According to the report, many of these companies have stopped or are considering quitting their ads on the social network. X said on Friday that $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.
The company did not immediately respond to a Reuters request for comment. According to civil rights groups, advertisers have fled X since Elon Musk bought it in October 2022 and reduced content moderation, leading to a sharp rise in hate speech on the site. Reuters previously reported that the platform's U.S. advertising revenue has declined by at least 55 per cent year over year each month since Musk's acquisition.
With inputs from Reuters
