Last week, Musk approves an anti-Semitic post on X and receives a lot of criticism. Dozens of advertisers suspended marketing campaigns on the Twitter successor as a result. This could result in a loss of millions in advertising revenue.
According to a media report, the online platform X could lose up to 75 million dollars in advertising revenue by the end of the year. The New York Times reported that dozens of large companies have suspended their marketing campaigns on X for the time being. In its report, the newspaper referred to internal documents from the online platform that it had seen. According to the report, more than 200 advertising units from companies such as Airbnb, Amazon, Coca-Cola and Microsoft have stopped or are considering stopping their advertising on X for the time being.
Musk had approved an anti-Semitic post on the platform last week. This prompted several large companies such as Walt Disney and Warner Bros. Discovery to pause their advertising on the site formerly known as Twitter. The New York Times also reported that X announced on Friday that eleven million dollars in advertising revenue was at risk.
The exact figure has fluctuated as some advertisers have returned to X and others have increased their spending. The company did not immediately respond to a Reuters request for comment. The online platform’s advertising revenue has fallen sharply every month since Elon Musk took over. The short messaging service is also becoming increasingly unpopular with users.
According to media reports, the online platform admitted a few weeks ago that its value has fallen sharply since the tech billionaire bought it a year ago under the name Twitter. In an allocation of shares to employees, X was valued at a total of 19 billion US dollars, wrote Fortune magazine and the US financial service Bloomberg, among others. Musk paid around 44 billion dollars for Twitter in October 2022.
Source: ntv.de, tkr/rts/dpa