Elon Musk recently addressed the crisis surrounding X at The New York Times DealBook Summit. The controversy around advertisers pulling their support from the social media platform due to concerns over antisemitic and hateful content. Musk’s fiery and profanity-laden outburst have added fuel to the already intense debate.
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The trouble began when X faced accusations of tolerating antisemitic messages on the platform, prompting a wave of scrutiny from organizations like the Anti-Defamation League.
The situation escalated during the Israel-Hamas conflict in October, bringing increased attention to the content on X.
Brands, including Disney and IBM, halted their advertising on the platform after a report by Media Matters revealed their ads appearing alongside pro-Nazi and white nationalist content.
Musk’s ownership of X has been controversial since its acquisition last year, and the platform’s advertising revenue has reportedly fallen.
Musk’s visit to Israel, where he toured a kibbutz attacked by Hamas militants, further intensified the situation.
During the on-stage interview at The New York Times DealBook Summit, Musk did not hold back, using explicit language to express his frustration with advertisers leaving X.
He accused them of engaging in blackmail and told them to go away. Specifically calling out Walt Disney Co. CEO Bob Iger.
Musk stated, “I don’t want them to advertise. If someone is going to blackmail me with advertising or money, go yourself.” He told his stance by addressing Bob Iger directly.
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Musk took a moment to apologize for endorsing an antisemitic conspiracy theory that contributed to the advertiser exodus.
He expressed regret for a tweet on X that endorsed a post falsely claiming Jewish people were stoking hatred against white people. Musk referred to it as possibly the dumbest thing he has ever shared online.
The advertising boycott has proven to be a severe blow to X, with Musk warning that it could lead to the demise of the platform.
Musk asserted that advertisers could kill the company, vowing to document the details for the world to see.
X has taken legal action against Media Matters, the liberal advocacy group that published the report leading to the advertiser exodus.
X alleges that the report was manufactured to harm the platform and drive advertisers away. The controversy has been through the advertising industry, with brands distancing themselves from X.
The platform’s internal documents suggest revenue losses of up to $75 million by the end of the year. Advertisers, already skeptical of Musk’s ownership and policies.
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Musk reiterated his commitment to free speech positioning X at the intersection of Free Speech and Main Street. He argued that the X community is powerful and open to welcoming advertisers back.
Musk’s unapologetic approach, however, has questioned about the balance between free speech and responsible content moderation.
Attempting to shift the narrative Musk highlighted his environmental contributions through Tesla, addressing the positive impact of electric vehicles on the environment.
He claimed to have done more for the environment than any single human on Earth. The controversy surrounding X beyond the business world, with addressing its impact on society.
Musk’s visit to Israel and conversations with leaders like Prime Minister Benjamin Netanyahu underline the global ramifications of the situation.
Musk acknowledged a previous decline in ad revenue, stating that it had fallen by 50%, even before the recent advertiser exodus.
The situation further escalated with Media Matters’ report, claiming that X’s ads were placed next to content promoting Nazism.
X’s response included filing a lawsuit against Media Matters, accusing the organization of misrepresenting the user experience on the platform to harm its reputation.
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