In a major blow to Elon Musk and his social media platform X, several major advertisers, including Disney, Warner Bros., and Apple, have announced that they are suspending advertising on the platform. This decision comes in response to Musk’s recent promotion of an antisemitic conspiracy theory on X.
The backlash against Musk began earlier this week when he endorsed a tweet that claimed Jews are trying to “decolonize” the United States and replace white people with minorities. Musk’s endorsement of this tweet was widely condemned by Jewish groups and civil rights organizations.
On Friday, Lionsgate Entertainment Corp. became the first major advertiser to announce that it was suspending all advertising on X. The company cited Musk’s “recent antisemitic tweets” as the reason for its decision.
Later that day, IBM followed suit, announcing that it was suspending all advertising on X “while we investigate this entirely unacceptable situation.” IBM spokesperson said in a statement that the company has “zero tolerance for hate speech and discrimination.”
In a statement to TheWrap, a spokesperson for Disney confirmed that the company has also suspended advertising on X. Disney did not provide a specific reason for its decision, but the company is likely following the lead of other major advertisers in distancing itself from Musk.
— Jonathan Greenblatt (@JGreenblattADL) November 17, 2023
Apple has also reportedly suspended all advertisements on X, according to a report from Axios. The tech giant has been a major advertiser on the platform, and its withdrawal from X is a major blow to Musk’s advertising revenue.
The suspension of advertising by these major companies is a significant setback for Musk and X. Advertising is a major source of revenue for the platform, and the loss of these advertisers could have a serious impact on its bottom line.
In addition to the loss of advertising revenue, Musk is also facing pressure from regulators and lawmakers. The White House has condemned Musk’s antisemitic tweets, and several Democratic lawmakers have called for X to be investigated for its handling of hate speech on the platform.
Musk is facing a major crisis on his hands, and it is unclear how he will be able to recover. The suspension of advertising by these major companies is a sign that he has lost the support of some of his most important partners. Musk will need to find a way to win back their trust, or he could face even more serious consequences.
X’s point of view has always been very clear that discrimination by everyone should STOP across the board — I think that's something we can and should all agree on. When it comes to this platform — X has also been extremely clear about our efforts to combat antisemitism and…
— Linda Yaccarino (@lindayaX) November 16, 2023