Major Advertisers Abandon X Amidst Growing Crisis Over Elon Musk’s Controversial Stance

A significant number of major advertisers have pulled their support from X, the social media platform led by Elon Musk, following his recent endorsement of an antisemitic conspiracy theory aligned with White supremacists. The high-profile withdrawal includes global media giants such as Disney, Paramount, NBCUniversal, Comcast, Lionsgate, and Warner Bros. Discovery, the parent company of CNN.

Reports suggest that Apple has also joined the list of companies distancing themselves from X, though Apple has not officially commented on the matter.

This mass exodus from X comes as Elon Musk faces increasing backlash for his public support of extremist beliefs, raising questions about the platform’s future profitability, as promised by Musk and X CEO Linda Yaccarino.

IBM initiated the advertising pause on Thursday after its ads were found alongside pro-Nazi content on the platform, according to a report by the media watchdog group Media Matters. IBM swiftly condemned the situation, stating, “IBM has zero tolerance for hate speech and discrimination,” and suspended all advertising on X pending an investigation.

In response to the brand exodus, X accused Media Matters of misrepresenting the user experience and potentially misleading advertisers. The company argued that the pro-Nazi posts cited in the report had minimal engagement and defended its “Freedom of Speech, not Reach” policy.

Elon Musk, in a post on X, threatened to sue Media Matters, while the group’s president, Angelo Carusone, responded, asserting that they would win any legal battle. Carusone accused Musk of attempting to silence accurate reporting, stating, “Musk admitted the ads at issue ran alongside the pro-Nazi content we identified.”

X CEO Linda Yaccarino reiterated the platform’s commitment to combating antisemitism and discrimination in a social media post, stating, “There’s absolutely no place for it anywhere in the world.” Musk also affirmed a strong stance against advocacy for the genocide of any group, announcing that such individuals would be suspended from the platform.

Media Matters’ analysis this week identified ads from Apple, Comcast, NBC, Oracle, and IBM appearing alongside similar controversial content. Oracle has not yet responded to requests for comment.

X has taken steps to address the issue, declaring that the pro-Nazi accounts mentioned in the Media Matters report will no longer be eligible for monetization, preventing ads from being run on those pages. This recent crisis follows a trend, with NCTA and Gilead Sciences previously pausing their spending on X in August after their ads were displayed alongside pro-Nazi content.