The New York Times revealed on Friday that Elon Musk's social network business X may lose up to $75 million in advertising revenue by the end of the year as a result of numerous big firms pausing their marketing initiatives.
Many businesses, including Walt Disney and Warner Bros. Discovery, have halted their adverts on the website formerly known as Twitter as a result of Musk endorsing an antisemitic remark on the platform last week.
X retaliated by suing media watchdog group Media Matters, claiming the group had defamed the site by publishing a report claiming that advertisements for well-known companies like Apple and Oracle had been placed next to messages endorsing Adolf Hitler and the Nazi party.
More than 200 ad units from brands including Microsoft, Coca-Cola, Airbnb, and Amazon are listed in internal documents that The New York Times obtained this week. Many of these firms have stopped or are thinking about stopping their social media advertising, the article stated.
According to the source, X stated on Friday that $11 million in income was at jeopardy, with the precise amount changing as certain advertisers reactivated on the site and others upped their expenditure.
There were no comments on the issue from the company.
Civil rights organisations claim that after Musk acquired X in October 2022 and lowered content filtering, advertisers have left the platform, leading to a dramatic increase in hate speech on the platform.
(Source:www.dnet.in)
Many businesses, including Walt Disney and Warner Bros. Discovery, have halted their adverts on the website formerly known as Twitter as a result of Musk endorsing an antisemitic remark on the platform last week.
X retaliated by suing media watchdog group Media Matters, claiming the group had defamed the site by publishing a report claiming that advertisements for well-known companies like Apple and Oracle had been placed next to messages endorsing Adolf Hitler and the Nazi party.
More than 200 ad units from brands including Microsoft, Coca-Cola, Airbnb, and Amazon are listed in internal documents that The New York Times obtained this week. Many of these firms have stopped or are thinking about stopping their social media advertising, the article stated.
According to the source, X stated on Friday that $11 million in income was at jeopardy, with the precise amount changing as certain advertisers reactivated on the site and others upped their expenditure.
There were no comments on the issue from the company.
Civil rights organisations claim that after Musk acquired X in October 2022 and lowered content filtering, advertisers have left the platform, leading to a dramatic increase in hate speech on the platform.
(Source:www.dnet.in)
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