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X may lose up to $75 mln by year-end on advertiser exodus - NYT (www.reuters.com)

submitted 10 months ago by [email protected] to c/[email protected]

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[–] [email protected] 4 points 10 months ago

This is the best summary I could come up with:

Nov 24 (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.

Musk backing an antisemitic post on the platform last week has led several companies including Walt Disney (DIS.N) and Warner Bros Discovery (WBD.O) to pause their advertisements on the site formerly called Twitter.

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 and Oracle had appeared next to posts touting Adolf Hitler and the Nazi party.

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.

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.

The platform's U.S. ad revenue has declined at least 55% year-over-year each month since Musk's takeover, Reuters previously reported.

The original article contains 255 words, the summary contains 198 words. Saved 22%. I'm a bot and I'm open source!