In the wake of a disturbing revelation about antisemitic content on Elon Musk’s social media platform, X (formerly Twitter), major companies are severing their ties. This unsettling development has triggered a wave of corporate defections, as advertisers distance themselves from a platform marred by hate speech.
IBM, a tech behemoth with a market capitalization nearing $140 billion, swiftly reacted to a report by Media Matters for America. This report exposed blue-chip companies, including IBM, whose ads were placed alongside tweets promoting antisemitism. In response, IBM declared a zero-tolerance policy for hate speech and discrimination, promptly suspending all advertising on X.
Yaccarino posted a tweet on Thursday seemingly directed at mitigating the fallout, without explicitly referencing Musk’s tweet:
Apple Hits Pause
The maker of iPhones and MacBooks, Apple, known as X’s largest advertiser, took a decisive step to halt all advertising on the platform as well. This decision followed Elon Musk’s endorsement of an antisemitic post, a move that echoed with unnamed sources as reported by Axios and The New York Times. With Apple reportedly spending nearly $50 million on X in the first quarter of 2022, this pause is a significant blow to the platform.
Lionsgate and Disney
Lionsgate, the entertainment and film distribution company behind blockbuster franchises like Twilight and the Hunger Games, suspended advertisements on X after Musk’s endorsement of antisemitism. Similarly, Disney, a colossal entertainment giant with a market cap of around $173 billion, joined the exodus, citing concerns over antisemitic posts on the platform.
Paramount, Comcast, and Warner Bros.
The domino effect continued with Paramount, a media and entertainment giant, suspending all advertising on X. Comcast, a global media and tech company with a market cap near $171 billion, also decided to hit pause. Warner Bros., an entertainment powerhouse with an extensive portfolio, followed suit, suspending its advertisements on Musk’s social platform in the wake of his latest controversy.
As the list of deserting advertisers grows, Elon Musk’s social media empire faces a pivotal moment. The fallout from antisemitic content has not only sparked outrage but also prompted a united stand from major corporations against hate speech.
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The future of X hangs in the balance as it grapples with the repercussions of one man’s controversial statements.
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