By year's end, X may lose up to $75 million due to advertiser migration
Since Musk's takeover, every month since then, the platform's US ad income has decreased by at least 55% year over year, according to a prior report from Reuters.
The article claims that X said on Friday that $11 million in income was in jeopardy, with the precise amount varying depending on whether advertisers returned to the platform and which ones upped their spending.
owned by Elon Musk social networking platform
Walt Disney and Warner Bros. Discovery are among the businesses that have stopped running advertisements on the website that was once known as Twitter after Musk last week supported a tweet that was anti-Semitic.
In retaliation, The X sued media watchdog group media matters, claiming in their lawsuit that the group defames the stage by publishing a report claiming that ads for major brands, such as Apple and Oracle, allegedly depict Adolf Hitler and Nazi Germany, and that these advertisements appeared next to the party's promotional post.
More than 200 ad units from brands including Microsoft, Coca-Cola, Airbnb, and Amazon are included in internal papers obtained by The New York Times this week. Many of these businesses have stopped or are thinking about stopping their social media advertisements, the article said.
The article claims that X said on Friday that $11 million in income was in jeopardy, with the precise amount varying depending on whether advertisers returned to the platform and which ones upped their spending.
A Reuters request for comment was not immediately answered by the firm.
Civil rights organizations claim that after Musk acquired X in October 2022 and lowered content filtering, advertisers have left the platform, leading to a dramatic rise in hate speech on the platform.
Since Musk's takeover, every month since then, the platform's US ad income has decreased by at least 55% year over year, according to a prior report from Reuters.
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