X, formerly known as Twitter, has lost several major advertisers.
Apple, Comcast/NBCUniversal, Disney, European Union, IBM, Lionsgate Entertainment, Paramount Global, Warner Bros. Discovery, and IBM are the list of companies that have joined the boycott.
Companies are pulling ad money from X, as Elon Musk promoted an antisemitic post. A media watchdog Media Matters reported that corporate ads were appearing alongside hate speech pro-Nazi content on the platform.
A new media report also stated X is not doing enough to combat misinformation around the Israel-Hamas war.
Elon Musk told CNBC, “I’ll say what I want, and if the consequence of that is losing money, so be it.”
In a social media post on Friday, Linda Yaccarino, CEO of X, said: “X has been extremely clear about our efforts to combat antisemitism and discrimination. There’s absolutely no place for it anywhere in the world.”
X’s ad revenue is already down at least 50 per cent on last year, so any loss of a major brand partner will be significant, in terms of the ongoing viability of the app.
With Apple announcing its decision to halt X ads, it’s now expected that many more big names will follow suit.
While Threads continues to grow, and become a bigger place for news discussion, especially among journalists, a group that Musk continues to ridicule Musk could continue to weaken X’s recovery efforts.