In a shocking turn of events, major advertisers have abandoned the social media platform X (formerly known as Twitter) following Elon Musk’s recent endorsement of an antisemitic conspiracy theory. The fallout has been swift and severe, leaving the platform’s future hanging in the balance.
Prominent brands, including media giants such as Disney, Paramount, NBCUniversal, Comcast, Lionsgate, and Warner Bros. Discovery, have pulled their advertising from X. Even tech titan Apple reportedly joined the exodus, dealing a massive reputational blow to the platform. The dizzying pace and scope of these withdrawals have left X reeling, casting fresh doubts on its viability.
Musk, the billionaire owner of X, has been increasingly vocal in his endorsement of extremist beliefs. His public embrace of an antisemitic conspiracy theory favored by White supremacists triggered the advertiser revolt. The situation escalated when ads for major brands, including IBM, were found appearing alongside pro-Nazi content on the platform. IBM swiftly suspended all advertising on X, calling the situation “entirely unacceptable.”
Progressive media watchdog group Media Matters played a pivotal role in exposing the pro-Nazi content. However, X accused Media Matters of aggressively searching for such content in a way that misrepresented the user experience and could mislead advertisers. The company clarified that the cited pro-Nazi posts had little engagement and were subject to X’s “Freedom of Speech, not Reach” policy.
In a post on X, Musk threatened a lawsuit against Media Matters. The group’s president responded confidently, stating, “If he does sue us, we will win.” Media Matters President Angelo Carusone emphasized that Musk had confirmed the ads ran alongside the pro-Nazi content identified by their organization.
X’s advertising pauses come on the heels of a similar move by IBM. Musk and X CEO Linda Yaccarino had previously vowed to make the platform profitable once more, but the advertiser exodus has thrown that goal into question. As the crisis deepens, the fate of X hangs in the balance, and the world watches to see how this high-stakes drama unfolds.
Sources: bing.com, cnn.com, voanews.com, wired.com, newrepublic.com, newsweek.com, cnn.com, cnn.com, theguardian.com