Shulou(Shulou.com)12/24 Report--

CTOnews.com, Nov. 28 (Xinhua)-- more than a hundred brands have suspended advertising on the X social platform (formerly known as Twitter) because its boss, Elon Musk, supported an anti-Semitic conspiracy theory this month, which could cost the platform as much as $75 million (CTOnews.com Note: about 537 million yuan) by the end of the year.

A review of the company's internal documents by the New York Times this week showed that the company's situation was more difficult than previously disclosed. In addition to the more than 100 brands that have stopped advertising altogether, dozens of brands are considering doing the same.

Another report from CNN said that some brands went a step further than suspending advertising: they completely stopped all activities on the X platform.

This is not limited to the corporate accounts of these companies. Some well-known accounts owned by Disney, such as @ StarWars, @ Pixar and @ MarvelStudios, have also disappeared on the X platform, which used to post content to millions of fans many times a day. Instead, these brands have turned to Meta's competitor Threads and are actively posting posts on the platform.

There are two reasons for the loss of advertising revenue on platform X:

In part, this is because media watchdog Media Matters conducted a test that showed ads from big brands such as Apple and Disney appear next to extreme hate speech, including anti-Semitic content.

Musk claimed that the figures were "false" and immediately sued the publication.

On the other hand, because of Musk's own actions, he replied to an anti-Semitic post saying: "you told the truth." The comment stayed on the platform for nearly two weeks, with no sign of withdrawal or apology.

Musk has also threatened to sue the Anti-Defamation Alliance (Anti-Defamation League) in the past because it has pointed out racist content on the X platform.

Initially, only a relatively small number of brands were reported to have suspended advertising on the X platform, including Apple, Disney, IBM, Lions Gate, Paramount, Sony, Warner Brothers and Discovery, the parent company of Discovery,CNN. X's internal revenue loss is estimated at $11 million. However, the New York Times reported that more than 100 brands have joined the boycott, and Company X fears the total loss could reach $75 million.

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