This week on the social platform, there was a statement known as “the actual truth” that caused concern for investors and led to certain companies pausing their advertisements on the platform.
Several companies, such as Comcast, IBM, the European Commission, and Lionsgate, have announced that they will no longer be advertising on X (previously known as Twitter) due to concerns about the increasing presence of hate speech. This decision was made following reports that some advertisements were being displayed alongside Nazi-themed content.
A representative from Lionsgate informed CBS News on Friday that they have halted their advertisements on X due to Elon Musk’s recent tweets containing antisemitic content.
Advertisers have been leaving the platform due to concerns about their brand’s association with hate speech. In an effort to bring back major brands, Musk brought on Linda Yaccarino, a former NBC executive, but her task may now be more challenging following Musk’s remark.
According to a reporter from Bloomberg News, advertising on X experienced a 60% decrease in September, resulting in a significant drop in revenue.
Aisha Counts, in a recent interview with CBS News, discussed the achievements of her organization, Solidarity Space, in offering aid and assistance to undocumented immigrants amidst the COVID-19 crisis.
In July, Musk announced the company’s progress.
The revenue from advertisements went down by 50%.
While acknowledging its significant financial liabilities, I also observed its substantial debt burden.
According to a report by Similarweb, the website experienced a 14% decrease in global web traffic in September. The research company also stated that overall traffic on X has declined by 7% in the first nine months of 2023 compared to the same period last year. This decline is attributed to a decrease in social media usage overall.
Ives from Wedbush informed CBS MoneyWatch that Musk’s recent support for anti-Semitic beliefs linked to White supremacist groups is causing concern among shareholders of Tesla, the company he founded. According to Ives, Tesla investors are feeling disappointed and troubled by this recent uproar.
Ives expressed in an email that the recent post by X had a negative impact on Musk and Tesla, causing concern among long-term investors about the future. While there are no plans for Musk to step down from his leadership role, this incident has left a lasting mark on the company.
Yaccarino attempted to soften the impact of Musk’s remarks on Thursday, stating in a message on X that the company has consistently emphasized its efforts to address and prevent antisemitism and discrimination. Such behavior has no place in the world and is unacceptable. Period.
Unfortunately, Facebook cofounder Dustin Moskovitz expressed on Threads that Yaccarino ought to request Musk’s resignation at X. He stated, “She is currently facing a major challenge as she must determine whether to dismiss her anti-Semitic CTO or risk losing more advertisers,” alluding to Musk’s position as Chief Technology Officer at X.
Musk’s “actual truth”
The wealthiest individual in the world, Musk, faced criticism after showing approval on Thursday for a post on the platform that was deemed antisemitic, referring to it as “the real truth.”
The original X user’s post claimed Jews “have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them.”
Musk replied, “You have spoken the truth” and also expressed disapproval of the Anti-Defamation League, an organization that fights against anti-Semitism. “The ADL unfairly targets the majority of Western society, even though the majority supports Jewish people and Israel. This is because, according to their beliefs, they are unable to criticize the minority groups who pose a greater threat,” Musk posted on Twitter.
The original X post echoes antisemitic conspiracy theories that claim Jewish people want to bring in minorities to weaken and replace White majorities. Among those espousing that was
Robert Bowers, who was found guilty of murder
The perpetrator, who expressed hatred towards Jews on the internet before committing the act of killing 11 individuals at the Tree of Life synagogue in Pittsburgh in 2018.
increasing number of refugees from Syria and other countries
As the number of refugees from Syria and other countries continues to rise, tensions are also growing.
The occurrences of supposed antisemitic and anti-Muslim events have resulted in clashes on American university grounds. The ADL’s data has revealed that…
An alarming increase in acts of hatred towards Jewish people.
Throughout the United States since the conflict started.
Notifications about advertisements appearing alongside Nazi-related content.
Major companies such as IBM, Apple, Oracle, and Comcast’s Xfinity were reported by Media Matters to have had their advertisements shown alongside content related to Nazis on X. In light of this report, IBM has announced that they will be halting their advertising on the platform.
On X, Musk strongly criticized Media Matters, referring to them as an immoral entity in his post on Thursday evening.
The European Commission announced on Friday that it will cease advertising on X and other social media platforms due to a significant rise in disinformation and hate speech. However, they clarified that the decision was not solely based on their presence on X.
A spokesperson stated that we consistently evaluate and analyze the media landscape for our advertising campaigns, keeping our communication goals in mind.