GANESH DHARMA

Elon Musk-owned social media company X could lose as much as $75 million (nearly Rs. 625 crore) in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns, the New York Times reported on Friday.

Musk backing an antisemitic post on the platform last week has led several companies including Walt Disney and Warner Bros. Discovery to pause their advertisements on the site formerly called Twitter. 

X has struck back and sued media watchdog group Media Matters, alleging the organization defamed the platform with a report that said ads for major brands including Apple and Oracle had appeared next to posts touting Adolf Hitler and the Nazi party. 

Internal documents viewed by The New York Times this week list more than 200 ad units of companies from the likes of Airbnb, Amazon, Coca-Cola and Microsoft, many of which have halted or are considering pausing their ads on the social network, the report said. 

X said on Friday $11 million (nearly Rs. 92 crore) in revenue was at risk and the exact figure fluctuated as some advertisers returned to the platform and others increased spending, according to the report.

The company did not immediately respond to a Reuters request for comment. 

Advertisers have fled X since Musk bought it in October 2022 and reduced content moderation, resulting in a sharp rise in hate speech on the site, according to civil rights groups.

The platform's US ad revenue has declined at least 55 percent year-over-year each month since Musk's takeover, Reuters previously reported.

© Thomson Reuters 2023

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


from Gadgets 360 https://ift.tt/PqcZ4Xw

Comments

Post a Comment

Popular posts from this blog

GANESH DHARMA

Image
Moto G Stylus (2024) is expected to launch later this year. It is said to succeed the Moto G Stylus 5G (2023) , that was equipped with a 4nm octa-core Snapdragon 6 Gen 1 chipset, a 50-megapixel dual camera unit, and a 5,000mAh battery with 20W wired fast charging support. The launch timeline of the Moto G Stylus (2024) hasn't been revealed yet, however, design renders of the handset have now leaked online. A leak also includes some key specifications of the handset. A Smartmania report shared design renders of the Moto G Stylus (2024) in collaboration with tipster Onleaks. The report also includes a 360-degree video showing the handset from all angles. It is seen sporting a flat screen with slim bezels and a centred hole-punch slot at the top. A slot on the lower right side appears to house the integrated stylus, while the bottom edge is seen with a 3.5mm headphone jack and USB Type-C port. Moto G Stylus (2024) leaked design render Photo Credit: Smartmania/ Onleaks   The Mot
Read more

GANESH DHARMA

Mercedes, the German luxury carmaker has decided to express its stance on the controversial Web3 sector, in a rather bold and artistic way. In a revamp to its operating system, Mercedes-Benz has decided to include a digital gallery, showing off non-fungible tokens (NFTs). Built on blockchains, NFTs are digital collectibles that hold underlaying values, which makes them a lucrative investment item for members of the Web3 community. NFTs could be inspired by artworks, cartoons, game characters, or even imaginary elements. During its recent presentation at the Consumer Electronics Show (CES) in Las Vegas, the German automaker showcased its next-generation Mercedez-Benz Operating System (MB.OS) that brings changes to its in-car entertainment provisions, Decrypt reported . As part of these tweaks to its OS, the dashboard of Mercedes-Benz now features a new app called ‘MBUX Collectibles'. Through this app, users of these cars will be able to browse through NFTs linked to the brand. Las
Read more