Elon Musk's X Could Lose Nearly $75 Million in Ad Revenue by Year 2f664v End: Report

rs have fled X since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on the site. c214g

By Reuters | Updated: 25 November 2023 21:59 IST

Elon Musk's X Could Lose Nearly $75 Million in Ad Revenue by Year-End: Report

The platform's US ad revenue has declined at least 55 percent year-over-year each month 2h2q60

Highlights

Elon Musk backing antisemitic post has led several companies to pause ad
X has struck back and sued media watchdog group Media Matters
X said on Friday $11 million in revenue was at risk

ment

Elon Musk-owned social media company X could lose as much as $75 million (nearly Rs. 625 crore) in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns, the New York Times reported on Friday.

Musk backing an antisemitic post on the platform last week has led several companies including Twitter.

Oracle had appeared next to posts touting Adolf Hitler and the Nazi party.

Internal documents viewed by The New York Times this week list more than 200 ad units of companies from the likes of Airbnb, Microsoft, many of which have halted or are considering pausing their ads on the social network, the report said.

X said on Friday $11 million (nearly Rs. 92 crore) in revenue was at risk and the exact figure fluctuated as some rs returned to the platform and others increased spending, according to the report.

The company did not immediately respond to a Reuters request for comment.

rs have fled X since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on the site, according to civil rights groups.

The platform's US ad revenue has declined at least 55 percent year-over-year each month since Musk's takeover, Reuters previously reported.

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