Advertisers are increasingly fleeing Elon Musk‘s X following the billionaire’s endorsement of a debunked anti-Semitic conspiracy theory. The latest is the Washington Post, joining the ranks of Apple Inc. AAPL and Walt Disney Co. DIS, among others.
What Happened: The decision was taken following Musk’s endorsement of the discredited "Pizzagate" conspiracy theory, reported Washingtonian.
Musk’s recent backing of an anti-Semitic conspiracy theory could reportedly cost X, formerly Twitter, over $75 million in revenue. It has also prompted some media organizations to cut ties with the platform, while the Paris mayor called it a "global sewer" and quit the platform.
The advertising halt is set to come into effect this week, according to a spokesperson for the Washington Post.
The exact amount the newspaper spent on advertising on X remains undisclosed. The ads are anticipated to stop running on the platform shortly. As of now, X has not commented on the matter.
Why It Matters: This move is a continuation of a trend of major companies pulling their advertisements from X due to Musk’s controversial posts. Earlier, tech giant Apple and other large corporations such as Disney, Warner Bros. Discovery WBD, and IBM IBM had also withdrawn their ads from X.
Despite the backlash, Musk remained steadfast, asserting his commitment to his principles.
Furthermore, X filed a defamation lawsuit against Media Matters following a contentious report alleging that major brand advertisements were displayed alongside pro-Nazi content. This report led several advertisers, including IBM and Comcast.
Image source – Shutterstock
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