The world’s richest man, Elon Musk bought Twitter which is now known as X back in October 2022. According to trusted reports, the platform had lost major advertisers.
Since Elon Musk bought Twitter, content moderation has been reduced. There have been several cases of hate speech on the platform have increased.
According to a report published by the New York Times on Friday, big advertisers on X have paused their campaigns/ads. This could result in Elon Musk’s social media platform losing about $75m in ad revenue by the end of 2023.
Last week, Elon Musk shared a post on X which shows his support for anti-semantic posts on the platform. This action made companies like Warner Bros. Discovery and Walt Disney put a pause on their active campaigns on X, formerly Twitter.
In a document obtained and viewed by our source (New York Times), it was reported that more top companies are also considering pausing their ads because of the anti-semantic post backed by Elon Musk. Over 200 ad units of companies like Coca-Cola, Airbnb, Microsoft, Amazon and more are listed to have been paused.
A statement by X indicated that the platform is at risk of losing about $11 million in ad revenue just on Friday and surprisingly, the exact figure stated by X fluctuated as some advertisers resumed their campaigns on the free-speech platform.
In a report by Reuters, X has seen a decrease in US ad revenue since Elon Musk bought the platform. The number is said to be about -55% each month.
