Elon Musk's social media company 'X' (formerly Twitter) may suffer a loss of about $75 million by the end of this year. Actually, this loss will be in the advertising revenue of the company because many big companies have stopped their marketing campaigns on Christmas. According to media reports, all this is happening due to a tweet by Elon Musk, for which Musk has been accused of being anti-Semitic.
Let us tell you that Elon Musk had recently supported an anti-Semitic social media post. Due to which Musk was accused of promoting anti-Semitism. The US government also criticized it. Now news is coming that many big companies including Walt Disney and Warner Brothers etc. have stopped their marketing campaigns on X. According to American media reports, more than 200 ad units have been stopped this week alone, which include advertisements of big companies like Airbnb, Amazon, Coca Cola and Microsoft.
It is being told that the company's revenue of $11 million is currently in danger and this figure may increase or decrease as there are reports that some companies which have stopped their marketing on Campaign expenses can also increase. Meanwhile, X has sued media watchdog group Media Matters. X alleges that Media Matters is defaming the social media platform X. In fact, Media Matters had run a report in which it was alleged that many big brands like Apple and Oracle etc. were displayed near posts related to Adolf Hitler and the Nazi Party.
Let us tell you that ever since Elon Musk acquired X, the advertising revenue of Ax has declined. This is due to Musk reducing content moderation, which has led to an increase in the number of hateful posts on X.