Reports reveal X (formerly Twitter), owned by Elon Musk, could lose as much as $75 million in advertising revenue by the end of this year, due to dozens of major brands pausing marketing campaigns.
Last week, Musk backed an antisemitic post which led to several companies, including Warner Bros. Discovery, and Walt Disney to pause advertisements on the platform.
X has also sued Media Matters, the media watchdog, alleging the company defamed the platform, with a report that claimed ads for major brands appeared next posts touting Hitler and Nazis.
Internal documents list over 200 company ad units, many of which have stopped or are considering pausing ads on X. These include companies such as Amazon, Microsoft, and Coca-Cola.
X recently said $11 million in revenue was at risk, with the exact figure fluctuating as some advertisers were returning, and others were increasing spending.
Since it was acquired by Musk in October last year, many advertisers have fled the platform and reduced content moderation. This resulted in a sharp rise in hate speech.
The US ad revenue for the site has declined at least 55% year over year each month since the acquisition.
