ALBAWABA - The New York Times reported that Elon Musk's social media platform, "X," could lose up to $75 million in advertising revenue by the end of the year as dozens of major brands suspend their marketing campaigns on the platform.
Support from Musk for a post considered anti-Semitic on the platform last week led several companies, including Disney and Warner Bros. Discovery, to temporarily halt their advertisements on the platform, formerly known as "Twitter."
In response, "X" filed a lawsuit against the media monitoring group "Media Matters," alleging that the organization damaged the platform's reputation through a report claiming that "advertisements from major brands, including Apple and Oracle, appeared alongside posts about Adolf Hitler and the Nazi Party."
The report, based on internal documents reviewed by The New York Times last week, stated that over 200 advertising units from companies such as Amazon, Coca-Cola, and Microsoft temporarily suspended their ads on the platform, or are considering doing so.
On Friday, "X" stated that "$11 million of revenue is at risk, and the exact figure is subject to change as some advertisers return to the platform and others increase spending," according to the report.
