social network X may lose $75 million after advertisers leave – Kommersant
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The departure of advertisers from social network X could lead to the company losing $75 million, reported The New York Times with reference to internal documents. Many decided to leave the site after owner Elon Musk’s remarks about Jews. X said the newspaper data was either out of date or represented “an internal matter on overall risk assessment.”
According to the newspaper, companies such as Airbnb, Amazon, Coca-Cola and Microsoft have either already stopped advertising on X or are planning to do so. There are 100 brands on the list of those that have completely suspended cooperation, and dozens are in the “risk zone.” These include tech giants, fast food chains and political campaigns.
Many are said to decided after November 15, when Mr. Musk agreed with the opinion that Jewish communities promote the same hatred against white people that they demand to stop against themselves. Entrepreneur rejected accusations of anti-Semitism.
As the NYT notes, the advertising freeze came during the traditionally strongest quarter in terms of revenue for social networks. Thus, Twitter received $1.57 billion in revenue in the fourth quarter of 2021, of which about 90% came from advertising.
As the newspaper recalls, many companies began to refuse advertising on Twitter, and then on X, after the purchase of the social network by Elon Musk. This was due to a change in content moderation policies. In addition, some advertisers have suspended advertising on X following a Media Matters investigation into how large companies’ ad units may be adjacent to posts that, for example, deny the Holocaust. The investigation also came out in November.
About the problems of X – in the material “Kommersant” “Elon Musk started a thermonuclear war”.
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