US advertising revenue on X down 55% since Musk acquired the platform (Reuters)
Social media company X owned by billionaire Elon Musk is expected to lose up to $75 million in advertising revenue by the end of the year as dozens of major brands halt their marketing campaigns on the platform, the New York Times reported.
Musk's support for a post deemed anti-Semitic on the platform last week led several companies, including Walt Disney and Warner Bros. Discovery, to temporarily halt their ads on the platform formerly known as Twitter.
X responded by suing media watchdog group Media Matters, saying the organization had tarnished the platform's reputation by reporting that ads for major brands including Apple and Oracle appeared next to posts about Adolf Hitler and the Nazi Party.
Internal documents seen by The New York Times last week indicated that more than 200 ad units of companies such as Amazon, Coca-Cola and Microsoft have paused ads on the platform or are considering stopping ads, the report said.
X said on Friday that $11 million in revenue was at risk and that the exact figure was changing as some advertisers returned to the platform and others increased spending, according to the report.
The company did not immediately respond to Reuters' request for comment. Reuters previously reported that U.S. advertising revenue on X has fallen at least 55 percent year-on-year each month since Musk acquired the platform.
Source: Agencies