Twitter (X) May Forfeit $75 Million Due to Musk’s Remarks

Elon Musk’s social media platform, X, is facing a potential financial setback as it may lose up to $75 million in advertising revenue by year-end.

This situation arises from major brands, including Walt Disney and Warner Bros Discovery, suspending their marketing campaigns on the platform after Elon Musk endorsed a post containing anti-Semitic content.

In response, X has taken legal action against the media watchdog group Media Matters, accusing them of defamation. This action follows a report claiming that ads for Apple and Oracle appeared alongside posts promoting Adolf Hitler and the Nazi party.

Internal documents reveal that over 200 advertising units from companies like Airbnb, Amazon, Coca-Cola, and Microsoft have either halted their advertising on X or are considering doing so. X states that $11 million in revenue is currently at risk, with the final amount uncertain. Some advertisers may return, while others might increase spending. The company did not immediately respond to Reuters’ request for comment.