Elon Musk Blasts Advertisers Fleeing X
Elon Musk recently expressed his frustration with the growing number of advertisers leaving X, formerly known as Twitter, following his endorsement of an antisemitic post. Speaking at the New York Times DealBook Summit, Musk warned that these companies could “kill” the platform and had a blunt message for them: “Go fuck yourself.”
Ad Revenue Concerns
Musk’s comments were in response to concerns about his conduct and the impact on ad revenue for X. He urged advertisers with concerns to simply stop spending on the platform, stating, “Don’t advertise.” He made it clear that he would not be blackmailed with advertising and reiterated, “Go fuck yourself. Go fuck yourself. Is that clear?”
Disney, Apple, and IBM
Musk specifically called out companies like Disney, Apple, and IBM, which have paused advertising on X in response to his recent actions. Disney CEO Bob Iger, who also spoke at the New York Times event, declined to comment on whether the company would resume advertising on X. Iger explained that Disney felt the association with Musk and X was not a positive one for them.
Financial Impact
While Disney and other companies have paused their ad spending on X, Musk may need their ad revenue more than they need the platform. Despite Musk taking X private in 2022, the platform’s financials remain masked. However, recent stock grants to X employees valued the company at $19 billion, less than half of what Musk paid for the platform a year ago.
Antisemitic Post Fallout
The advertising crisis for X began when Musk publicly endorsed an antisemitic post on the platform. The post, which promoted a conspiracy theory popular among right-wing extremists, drew widespread criticism. Musk later described his actions as “one of the most foolish if not the most foolish thing I’ve ever done on the platform.”
Meeting with Israeli Leaders
Amid the controversy, Musk traveled to Israel and met with the country’s president, Isaac Herzog, and prime minister, Benjamin Netanyahu. During the meeting, Herzog expressed concerns about the prevalence of antisemitism on social media platforms, including those led by Musk.
Musk’s comments at the New York Times event and recent actions have sparked a heated debate about the impact of his conduct on X and the future of ad revenue for the platform. As the situation continues to unfold, both Musk and advertisers will face complex decisions about their involvement with X.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
