Elon Musk's X Could Lose Nearly $75 Million in Ad Revenue by Year-End: Report

Elon Musk-owned social media company X could lose as much as $75 million (nearly Rs. 625 crore) in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns, the New York Times reported on Friday.

Musk backing an antisemitic post on the platform last week has led several companies including Walt Disney and Warner Bros. Discovery to pause their advertisements on the site formerly called Twitter. 

X has struck back and sued media watchdog group Media Matters, alleging the organization defamed the platform with a report that said ads for major brands including Apple and Oracle had appeared next to posts touting Adolf Hitler and the Nazi party. 

Internal documents viewed by The New York Times this week list more than 200 ad units of companies from the likes of Airbnb, Amazon, Coca-Cola and Microsoft, many of which have halted or are considering pausing their ads on the social network, the report said. 

X said on Friday $11 million (nearly Rs. 92 crore) in revenue was at risk and the exact figure fluctuated as some advertisers returned to the platform and others increased spending, according to the report.

The company did not immediately respond to a Reuters request for comment. 

Advertisers have fled X since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on the site, according to civil rights groups.

The platform's US ad revenue has declined at least 55 percent year-over-year each month since Musk's takeover, Reuters previously reported.

© Thomson Reuters 2023

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


from Gadgets 360 https://ift.tt/q4h5piv

Comments

Post a Comment

Popular posts from this blog

COVID-19 origins: Should we pay more attention to the lab leak theory and formally investigate it?

Image
A year and a half into the pandemic, we still do not know exactly where the SARS-CoV-2 virus, which causes Covid-19, came from. The prevailing view so far has been that the virus “spilled over” from bats into humans. But there are increasing calls to investigate the possibility that it emerged from a lab in Wuhan, China, where Covid first appeared at the end of 2019. So what do we know for sure, and what do we need still to find out? We know the sequence of the SARS-CoV-2 virus is close to that of bat coronaviruses . Several decades ago its “ancestor” was circulating in bat populations in southern Asia. But there are still many unanswered questions: we don’t know how the virus arrived in Wuhan, how its sequence evolved to allow human infection, and under what conditions it infected the first people who crossed its path. And for each of these stages, we don’t know whether there was a human contribution (direct or indirect). Zoonotic transmission pathways, in other words the pas
Read more

Menstrual cups are cheaper, more sustainable than pads and tampons for women

Image
Every year in America, women spend at least US$2.8 billion on sanitary pads and tampons that can take hundreds of years to decompose . Is there a more economical and environmentally friendly way? To find out, we asked Susan Powers , a professor of sustainable environmental systems at Clarkson University about her work comparing the environmental impact of tampons, sanitary pads and menstrual cups. What is a menstrual cup? A menstrual cup is a type of reusable feminine hygiene product. It’s a small, flexible bell-shaped cup made of rubber or silicone that a woman inserts into her vagina to catch and collect menstrual fluid. It can be used for up to 12 hours, after which it is removed to dispose of the fluid and cleaned. The cup is rinsed with hot water and soap between each insertion and sterilized in boiling water at least once per period. A cup can last up to 10 years . Although menstrual cups have been around for decades, they historically have been less popular than pads or ta
Read more

Human bodies respond to infections differently depending on the time of day

Image
When microorganisms – such as bacteria or viruses – infect us, our immune system jumps into action. It’s highly trained to sense and eliminate infections and clear up any damage caused by them. It’s typically assumed our immune systems work the exact same way regardless of whether an infection occurs during the day or at night. But research spanning over half a century now shows our bodies actually respond differently at day and night. The reason for this is our body clock, and the fact that each cell in the body, including our immune cells, can tell what time of day it is. Our body clock has evolved over millions of years to help us survive. Every cell in the body has a collection of proteins that indicate the time depending on their levels. Knowing whether it’s day or night means our body can adjust its functions and behaviours (such as when we want to eat) to the correct time. Our body clock does this by generating 24 hour rhythms (also termed circadian rhythms ) in how cells f
Read more