Big-name companies like Apple, Disney, IBM, NBCUniversal, and Sony have recently halted their advertising efforts on X, the platform previously known as Twitter.
Following this, many conservative media organizations and influencers have united in support of Elon Musk, pledging to run ads on X to compensate for the lost revenue caused by departing businesses.
Elon Musk is pitching the idea of using Twitter / X as a replacement for traditional bank accounts. Here’s how it could work.
Last week, Elon Musk voiced his support for a disturbing antisemitic conspiracy theory on X, coinciding with a report from Media Matters for America revealing major brands’ ads appearing on pro-Nazi and pro-Hitler content. This led to an exodus of major companies from the platform.
CEO of the conservative satire site Babylon Bee, Seth Dillon, announced that his company would spend $250,000 on advertising on X to support “free speech.” This isn’t surprising, as Babylon Bee’s suspension on then-Twitter was a key reason for Musk’s interest in acquiring the platform.
Shortly after, YouTuber Tim Pool also pledged to spend the same amount on X ads “over the next few months.”
Many other right-wing media figures and companies followed, with pledges of their own, including political commentator Benny Johnson, The Quartering, Donut Operator, Gavin McInnes, and Elijah Schaffer, albeit in smaller amounts. Even Andrew Tate, an influencer with a controversial past, pledged a staggering $1 million per month, despite potential inability to fulfill such a promise.
However, despite the pledges of support, Musk’s platform still faces a considerable revenue loss from recent events. Big brands alone, such as Apple, account for hundreds of millions of dollars in ad spending, highlighting the significant impact of the exodus of advertisers.
While Musk has expressed gratitude for the advertising commitments, it’s evident that these pledges from right-wing advocates are insufficient to fill the void left by major brands and corporations now diverting their ad dollars elsewhere due to the recent actions of the platform’s owner.
UPDATE: Nov. 19, 2023, 7:08 p.m. EST This piece has been updated to include additional details surrounding Andrew Tate’s net worth.
