X may lose up to $75 million by year-end on advertiser exodus

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Elon Musk-owned social media company X 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, the New York Times reported on Friday.

X has struck back and sued media watchdog group Media Matters, alleging the organization defamed the platform with a report that said ads for major brands including Apple and Oracle had appeared next to posts touting Adolf Hitler and the Nazi party.

Internal documents viewed by The New York Times this week 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, the report said.

Advertisers have fled X since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on the site, according to civil rights groups.

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