X, the Elon Musk-owned social media company formerly known as Twitter Inc (NYSE:TWTR), stands to lose up to $75 million in advertising revenue by the end of 2023 as major companies have halted their spending on the platform, according to reporting from The New York Times on Friday.
Internal documents revealed more than 200 ad units from companies including Amazon, Microsoft, Coca-Cola, Airbnb and others have either pulled their ads on the platform or are considering doing so, according to the report.
This comes after Musk sued the news outlet Media Matters last week, accusing it of "manipulating" data to harm X by creating misleading images showing advertisers' posts next to neo-nazi and white-nationalist content.
Musk posted a reply to an antisemitic post on X the week prior that claimed Jewish people pursued a “dialectical hatred against whites.” He posted the comment, “You have said the actual truth.”
On Friday, X said that some $11 million in ad revenue was at risk.
Meanwhile, X’s ad revenue in the US has tumbled at least 55% year-over-year every month since Musk took over the company in October 2022.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on X @andrew_kessel