Elon Musk may get a shock of Rs 625 crore from X, why?

Twitter News: Ever since Elon Musk has bought Twitter i.e. Since then his troubles have shown no sign of abating. According to a New York Times report, Elon Musk's social media company The reason for this is that the world's big brands are withdrawing their marketing campaigns from X. Musk supported an anti-Semitic post on the platform last week. After which many companies including Walt Disney and Warner Bros. Discovery have banned their advertisements.

List of 200 companies

Ax has hit back by suing media watchdog group Media Matters, alleging the organization defamed the platform with a report. It said that advertisements from major brands including Apple and Oracle had appeared next to posts promoting Adolf Hitler and the Nazi Party. Internal documents seen by The New York Times this week list more than 200 ad units from companies like Airbnb, Amazon, Coca-Cola and Microsoft, many of which have paused or are considering pausing their advertising on the social network. 

Continuous Part Advertisers

According to the report, X said on Friday that $11 million in revenue was at risk and the exact figure fluctuated as some advertisers returned to the platform. According to civil rights groups, advertisers have fled X since Musk bought it in October 2022 and reduced content moderation, leading to a sharp increase in hate speech on the site. An earlier Reuters report said the platform's US ad revenue has declined by at least 55 percent year-on-month in every month since Musk's acquisition.

Elon Musk is the richest businessman in the world

Elon Musk is currently the richest businessman in the world. At present he has a net worth of 219 billion dollars. On Friday, there was a decline of 5 billion dollars from his wealth. However, this year his net worth has seen an increase of 81.8 billion dollars. Elon Musk bought Twitter for $44 billion. After which its name was changed to X. At present its value is said to be 20 billion dollars.