According to documents reviewed by the New York Times, X, the social media platform formerly known as Twitter, could lose as much as $75 million in advertising revenue by the end of the year as major brands pause ad spend on the site following Elon Musk’s reposting of an antisemitic conspiracy theory.
The internal X documents reviewed by The Times reportedly showed the stopping of more than 200 ad units from major brands like Microsoft, Coca-Cola, Airbnb, Amazon, and others that have either halted or considered pausing ad spending on the platform.
The Times reports that X is in a more difficult position than previously known and that concerns about the platform have spread “far beyond” companies that paused their ad spend including IBM, Apple and Disney.
Going into the weekend X responded to the article saying that $11 million in revenue was at risk as some advertisers returned to the platform and others increased spending.
The company added that the numbers viewed by The Times were either outdated or represented an internal exercise to evaluate total risk.