X, formerly Twitter, is at risk of losing $75 million in ad revenue by the end of 2023, as more than 200 companies have either halted ad sales or are considering doing so due to concerns over hateful content and X owner Elon Musk's public support of an antisemitic conspiracy theory. Major companies like Apple and IBM have already pulled out, while X is suing watchdog group Media Matters for reporting that ads are being shown alongside hateful content. Despite some right-wing influencers pledging financial support, it is unlikely they can cover the deficit, as Musk is one of the richest men in the world.
Internal documents obtained by The New York Times reveal that Elon Musk's social media company X could face a loss of up to $75 million in ad revenue due to companies pulling their advertisements following Musk's endorsement of an antisemitic conspiracy theory. More than 100 brands have fully paused their ads, while others are listed as at risk. The $75 million figure represents the total ad revenue that X employees fear the company could lose through the end of the year if advertisers do not return. Musk's company, which he bought for $44 billion, has seen its value plummet to $19 billion.
X, formerly known as Twitter, may lose up to $75 million in advertising revenue by the end of the year as more major brands pause their marketing campaigns due to owner Elon Musk's endorsement of an antisemitic conspiracy theory. Internal documents reveal that concerns about Musk and the platform have spread beyond companies like IBM, Apple, and Disney, with over 200 ad units from companies such as Airbnb, Amazon, Coca-Cola, and Microsoft halting or considering pausing their ads on X. The advertising freezes come during the company's strongest quarter, and since Musk's acquisition of Twitter, U.S. advertising on the platform has dropped nearly 60%.
After several big companies suspended their advertising campaigns on X (formerly known as Twitter) due to Elon Musk's endorsement of an antisemitic conspiracy theory, right-wing media companies and influencers have pledged support for Musk by promising to advertise on X to make up for the lost revenue. Seth Dillon, CEO of Babylon Bee, announced a $250,000 ad spend, followed by YouTuber Tim Pool. Other right-wing figures and companies have also pledged smaller amounts. However, these pledges cannot fill the revenue hole left by the departing big brands and corporations.
A parent who complained about Amanda Gorman's poem "The Hill We Climb" being available to all students at a Miami-Dade school was found to have made social media posts praising the far-right Proud Boys and sharing elements of an antisemitic conspiracy theory. The parent requested the removal of five books, including Gorman's, citing concerns over "indoctrination" and "critical race theory." The committee decided to move four of the five books to a section for middle schoolers. The owner of the social media profile did not respond to requests for comment.
