Elon Musk, the new owner of the social media platform X, formerly known as Twitter, has recently made several controversial statements that have led major advertisers to pause advertising on the platform. This backlash comes as Elon Musk makes divisive comments and embraces conspiracy theories.
Makes Antisemitic Tweet, Then Apologizes
The controversy began when Elon Musk made what many saw as an antisemitic tweet, endorsing a post claiming that Jewish communities harbor “dialectical hatred against whites.” This prompted swift condemnation from civil rights groups like the Anti-Defamation League as well as X’s advertisers.
In an interview at the New York Times DealBook Summit on November 30th, Elon Musk apologized for the tweet, calling it “literally the worst and dumbest post that I’ve ever done.” He claimed the post was misinterpreted and said he tried clarifying it in subsequent tweets. Elon Musk also stated “I’m sorry for that tweet or post, it was foolish of me.”
However, Elon Musk insisted his Israel trip earlier that week was not an “apology tour” related to the tweet. He wore a necklace given by a parent of an Israeli hostage that reads “Bring Them Home.” Elon Musk claimed he is “philo-Semitic,” or an admirer of Judaism, and holds no discrimination against Jews.
Advertiser Exodus Ensues
Musk’s antisemitic tweet opened the floodgates for advertisers to flee X en masse. Disney, Apple, NBCUniversal, Warner Bros. Discovery, Paramount, and other major brands paused advertising on the platform due to concerns over rising antisemitism.
This exodus has cost X over $75 million in lost revenue so far. Flagship social media accounts belonging to entertainment studios like Disney and Warner Bros. Discovery have also stopped posting on X for nearly two weeks.
In addition to the antisemitic tweet, Musk’s embrace of other conspiracy theories has accelerated the advertiser retreat. For instance, Musk posted and then deleted a meme related to the debunked Pizzagate conspiracy theory. Such fringe beliefs are making X seem increasingly unstable and unsafe for brands.
Tells Advertisers “Go F**k Yourself”
Rather than making earnest efforts to woo back advertisers, Musk has reacted defiantly, attacking the companies boycotting X. During his DealBook Summit interview, he addressed advertisers directly, saying “Go f**k yourself. Is that clear?…If someone is going to try and blackmail me with advertising? Blackmail me with money? Go f**k yourself.”
He doubled down by singling out Disney CEO Bob Iger in the audience. “Don’t advertise. If someone is going to try and blackmail me with advertising? Blackmail me with money? Go f— yourself,” Musk repeated.
While lashing out may provide some personal catharsis, Musk admits the loss of ads endangers X itself. As he said, “If the company fails… it will fail because of an advertiser boycott. And that will be what will bankrupt the company.”
Uncertain Future for Elon Musk’s X
It remains unclear whether advertisers will eventually return to X after distancing themselves from Musk’s inflammatory rhetoric. Some hope Musk rights the ship and makes X safer for brands again. Others see the site as irrevocably tarnished under Musk’s stewardship.
For now, Musk seems unwilling to restrain his public outbursts for advertisers’ sake. His self-destructive behavior keeps digging a deeper hole for himself and X. With advertisers fleeing and losses mounting, Musk may learn the hard way that no social media platform can survive while alienating both users and sponsors alike.
Comments 2