X may lose up to $75 million by year-end on advertiser exodus

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<span>© Reuters. FILE PHOTO: ‘X’ logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File Photo</span><br />
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<p>(Reuters) – Elon Musk-owned social media company X could lose as much as $75 million 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.</p>
<p>Musk backing an antisemitic post on the platform last week has led several companies including Walt <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Disney </span></span> (NYSE:) and Warner Bros Discovery (NASDAQ:) to pause their advertisements on the site formerly called Twitter. </p>
<p>X has struck back and sued media watchdog group Media Matters, alleging the organization defamed the platform with a report that said ads for major brands including Apple (NASDAQ:) and Oracle (NYSE:) had appeared next to posts touting Adolf Hitler and the Nazi party. </p>
<p>Internal documents viewed by The New York Times this week list more than 200 ad units of companies from the likes of Airbnb, Amazon (NASDAQ:), Coca-Cola (NYSE:) and Microsoft (NASDAQ:), many of which have halted or are considering pausing their ads on the social network, the report said. </p>
<p>X said on Friday $11 million in revenue was at risk and the exact figure fluctuated as some advertisers returned to the platform and others increased spending, according to the report.</p>
<p>The company did not immediately respond to a Reuters request for comment. </p>
<p>Advertisers 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.</p>
<p>The platform’s U.S. ad revenue has declined at least 55% year-over-year each month since Musk’s takeover, Reuters previously reported. </p>
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