Elon Musk’s social media company X is threatened with losing up to 75 million dollars in advertising revenue by the end of the year as dozens of major brands stop their marketing campaigns on the platform.
Musk’s support for specific publications on the platform led several companies, including Walt Disney and Warner Brothers discovery, to temporarily stop their ads on the platform, formerly known as Twitter, last week.
X responded by filing a lawsuit against Media Matters, the media watchdog group, saying the organization had defamed the platform through a report stating that ads for major brands including Apple and Oracle appeared next to posts about Adolf Hitler and the Nazi Party.
The report said that internal documents seen by the” New York Times ” last week, referred to more than 200 ad units of companies such as Amazon, Coca-Cola and Microsoft, many of which have temporarily stopped advertising on the platform or are considering stopping ads.
X said 11 million dollars of revenue was at risk and the exact figure was changing as some advertisers returned to the platform and others increased spending.
