The social media company X Corp., which used to be called Twitter, has seen its U.S. advertising income drop by a shocking 60 percent, which owner Elon Musk says is due to the pressure coming from the left-wing ADL.
Bloomberg says that Twitter/X’s advertising income has been going down a lot, especially within the U.S. market, where it has dropped by 60 percent. This drop has made people wonder regarding the platform’s financial well-being and how long it can keep going. “Advertising income on X Corp. remains down 60%, mostly because advertisers are under a lot of pressure,” Elon Musk, the owner of X Corp. stated.
Twitter needs advertising money more than anything else. When Musk hired Linda Yaccarino, who had worked in marketing, as the CEO of the firm, it was seen by many as an admission that his plan to fund the business through subscriptions had failed miserably.
Musk says that the ADL, a non-profit group on the left, is at the very heart of this advertising disaster. Must says that since he bought the site last year, the ADL has spent time “trying to kill” it. He says that the group is “falsely accusing” him as well as the platform with being anti-Semitic.
Musk hasn’t said for sure that he won’t go to court against the ADL if it keeps making claims. This adds a new twist to the ongoing story, which could lead to a court fight that could have serious consequences for both sides.
Even though the drop in advertising income is worrying, Musk says that the platform will be fine even if it never gets back to its old revenue numbers. Musk also responded to a tweet about how the ADL had been sued for slander in the past. He said that he was going to hold the group accountable for X losing roughly 22 billion dollars in value, which is about half of what it was worth before.
Musk has had trouble with the ADL before, so this is not the first time. In May, the millionaire said that the group should “drop the A” out of its name, saying that he thought it would be better called the “Defamation League.”
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