X Faces Potential $75 Million Loss in Advertising Revenue Amid Backlash

Elon Musk's endorsement of an antisemitic conspiracy theory prompts major brands to pause their advertising campaigns on the social media platform.

Elon Musk's social media platform, X, formerly known as Twitter, is facing a potential loss of up to $75 million in advertising revenue by the end of the year.
This follows a backlash against the platform after Musk endorsed an antisemitic conspiracy theory, leading to a significant number of major brands pausing their advertising campaigns on X.
Internal documents from X's sales team suggest that over 200 ad units from companies like Airbnb, Amazon, Coca-Cola, and Microsoft have halted or are considering pausing their ads on the platform.
X has responded by suing media watchdog group Media Matters, accusing them of defaming the platform by reporting that ads from major brands appeared next to pro-Nazi content.
Despite these challenges, X maintains that only $11 million in revenue is at risk, and that the figure fluctuates as some advertisers return or increase their spending.