It’s no secret that ad partners are wary about spending their money on X, formerly Twitter — especially now. And we now have an idea of just how much the company stands to lose.
The New York Times reported, based on internal sales documents the paper got its hands on, that X could lose as much as $75 million in ad money by the end of 2023. The materials the Times procured listed more than 200 companies that have either already halted ad sales or are at risk of doing so, such as Airbnb and Amazon.
The ad exodus followed X owner Elon Musk’s public support of an antisemitic conspiracy theory, in a tweet that is amazingly still up. That, combined with a general influx of hateful content that has the tendency to appear next to ads, has created a hostile environment for advertisers.
X even confirmed a report from watchdog group Media Matters that ads on the platform are being shown alongside hateful content — but X is suing Media Matters for it anyway, claiming that it was a deliberate, malicious attack to “drive advertisers from the platform.”
Lots of major companies like Apple and IBM have already pulled out, while even Paris Hilton’s company pulled back on a recently announced partnership with the site.
Some right-wing influencers have pledged to help out Musk financially, though it’s not likely that they have enough money to cover the deficit. Musk, being one of the richest men in the world, probably doesn’t need the help anyway.
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X (formerly Twitter) keeps losing advertisers, and the amount of potential ad revenue that could be lost has been revealed.
