NYT: Twitter Likely To Lose $75M In Ads By Year’s End

The New York Times reports:

X, the social media company formerly known as Twitter, could lose as much as $75 million in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns after its owner, Elon Musk, endorsed an antisemitic conspiracy theory this month.

Internal documents viewed by The New York Times this week show that the company is in a more difficult position than previously known and that concerns about Mr. Musk and the platform have spread far beyond companies including IBM, Apple and Disney, which paused their advertising campaigns on X last week.

The documents list more than 200 ad units of companies from the likes of Airbnb, Amazon, Coca-Cola and Microsoft, many of which have halted or are considering pausing their ads on the social network.

Read the full article.

Breaking News: X could lose up to $75 million by the end of the year as major brands pause their ads after Elon Musk endorsed an antisemitic conspiracy theory. https://t.co/JEz7B2Irul

— The New York Times (@nytimes) November 24, 2023