More Misery For Elon Musk As X Predicted To Lose Nearly $75 Million With Top Advertisers Walking Out

The trouble for billionaire entrepreneur Elon Musk continues to surge after breakthrough reports accused his X platform of placing ads strategically against questionable content.

The news left major brands in shock who invested huge sums of money in the platform, only to find their ads running against anti-semitic posts as well as those deemed to be explicit. This caused some leading brand names in the industry including Disney, Sony Pictures, Paramount, and more to immediately pause their respective campaigns.

Now, the latest update on this front revolves around the brands putting a complete halt on the campaigns as a whole while Elon Musk promoted controversial posts including those supporting anti-semitic conspiracies. And the billionaire did admit to it and even sent out a public apology regarding the matter.

So many leading insiders from the tech world confirmed how the brands were no longer putting out ads through their official handles after the lack of transparency arose which led to more questions regarding brand safety.

Seeing so many huge names in the industry take a step back from investing in X is clear proof of how they wish to give Musk a stark reminder that X is falling into darkness in terms of advertising as such behavior would not be tolerated. This also means more loss in terms of revenue as well as huge damage to the firm’s reputation via the likes of brand association.

Coming down to its actual effects regarding the financial toll, X could lose a whopping $75 million in terms of advertising revenue, by this year’s end. This was a figure put out by the New York Times recently and is one that Musk and his executives would not appreciate.

It has taken the company’s CEO a long time to get back on track and gain the trust of advertisers. Therefore, to see X take another hit and move in a backward direction is sure to cost the firm negatively.

More reports on this front spoke about how corporate firms were pausing the publishing of posts across X. But other than that, we know more about accounts like Star Wars and even Marvel Studios who have followers in the millions count and continue to put out posts on a daily basis.
Seeing them halt their posting across X is certainly a major deal and now they are said to be increasing the activity across rival apps is worth mentioning including the likes of Meta’s Threads.

So what does this really mean for Musk? Well, nothing positive for sure as revenue on the app has already seen a major downfall in the past year. And to have major accounts halt postings can serve as an even bigger hurdle for the firm’s CEO Linda Yaccarino who has worked so hard to gain back advertisers’ trust.

We’re not sure about what the future holds but from the looks of it, it’s going to be a miracle to get advertisers back.

Read next: Alarming New Study Accuses Google Of Placing Thousands Of Search Ads On Questionable Websites
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