Elon Musk Voices Concern: Advertiser Exodus from X Might Lead to Company's Demise. (CBS News)
Elon Musk, the wealthy proprietor of X, expressed concern that the actions of significant advertisers distancing themselves from the social media platform (previously named Twitter) might lead to its demise.
During his appearance at The New York Times' Dealbook Summit, Musk highlighted the potential repercussions, stating that the move by advertisers could ultimately lead to the company's downfall. Musk shared these thoughts while being interviewed by Times reporter Andrew Ross Sorkin.
Moreover, Musk offered a strong and dismissive response directed at Disney CEO Bob Iger, who earlier at the same event mentioned the decision to halt advertising on X following Musk's support of an anti-Semitic comment on the platform. Iger indicated that Disney perceived the association as potentially detrimental, to which Musk reacted assertively, stating, "Go f--- yourself, is that clear? I hope it is. Hey Bob, if you're in the audience. That's how I feel. Don't advertise."
The advertising backlash occurred recently after Musk endorsed a post on X that propagated anti-Semitic notions, suggesting that Jews were responsible for inciting animosity against White individuals, thereby echoing derogatory stereotypes.
Following Musk's remarks, companies such as Disney, Apple, and Coca-Cola withdrew their paid advertisements from the platform. This exodus of advertisers might result in a potential revenue loss of up to $75 million for X, according to a report in The New York Times.
However, despite his earlier endorsement, Musk expressed regret over supporting the anti-Semitic post, referring to it as "one of the most foolish" actions he had ever undertaken on X. Acknowledging his error, Musk conveyed his remorse, admitting, "I am quite sorry," and reflecting, "I should, in retrospect, not have replied to that particular post."
