According to internal X sales team documents reviewed by The New York Times, X may lose "up to $75 million" as more than 100 major brands-including Airbnb, Amazon, Coca-Cola, Google, Microsoft, Netflix, and Uber-have stopped advertising, while "dozens" more are considering pausing ads on the platform.
X told The Times that these documents "were either outdated or represented an internal exercise to evaluate total risk." The social media company seems to expect that X will recover, as remaining advertisers increase spending on X and some brands that left may return to X before the year's end.
The latest drop in revenue could make for a bleak end of 2023 at a time when, traditionally, X ad revenue is spiking as big brands attempt to reach consumers through the holidays. The Times reported that some brands withdrew millions from the platform.
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