Elon Musk-owned social media company X could lose as much as $75 million in advertising revenue by the end of the year as dozens of major brands pause their marketing campaigns, the New York Times reported.
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 (NASDAQ:) and Oracle (NYSE:) had appeared next to posts touting Adolf Hitler and the Nazi party.
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 U.S. ad revenue has declined at least 55% year-over-year each month since Musk's takeover, Reuters previously reported.
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