Elon Musk's X could lose out on up to $75 million in advertising revenue by the end of 2023 as more companies pull their money out of the increasingly polarising social media platform.
The site, formerly known as Twitter, is in a "more difficult position" than publicly known amid the mass exit of advertisers, which gained momentum after Mr Musk, the world's wealthiest person, endorsed an anti-Semitic post this month, The New York Times reported, quoting internal documents.
The documents, which were seen this week and came from X's sales team, also showed that more than 200 advertising units of notable companies are either considering suspending their adverts on X or stopping altogether.
The documents have kept track of the effect of all the "advertising lapses" in November, the Times reported. X said in a statement on Friday that $11 million in revenue was at risk amid the crisis and that the exact figure fluctuated as some advertisers returned and others boosted their advertising spending.
X said the figure reported by the Times was "either outdated or represented an exercise to evaluate total risk".
Boosting X's revenue stream has been a top priority for Mr Musk ever since he bought the platform for $44 billion in October last year.
Advertisers, however, began leaving the site after he took over and reduced content moderation, resulting in a sharp rise in hate speech on the platform, rights groups have said.
The X advertising boycott gained steam last week when US watchdog Media Matters published a report that said pro-Nazi advertisements on the platform were being placed next to content from prominent global companies.
Since then, major organisations have paused their advertising activity on X. Among the most notable are Apple, Disney, US media company Comcast, entertainment major Paramount, movie studio Lionsgate and the European Commission.
Airbnb, Amazon, Coca-Cola and Microsoft have also paused their advertising activity on X, according to the documents viewed by the Times.
The Media Matters report said advertising buys on X “either come from direct buys or through its partnership with ad exchanges like Google Ads”.
Mr Musk fired back on X, calling the report a “fraudulent attack”. He filed what he has called a "thermonuclear lawsuit" on Monday against the Washington-based organisation and “all those who colluded”.
“To manipulate the public and advertisers, Media Matters created an alternate account and curated the posts and advertising appearing on the account's timeline to misinform advertisers about the placement of their posts,” according to a document posted by Mr Musk on X.
Media Matters also criticised X chief executive Linda Yaccarino, claiming she “attempted to stem the advertiser exodus by claiming that brands are 'protected from the risk of being next to' toxic posts and repeatedly writing that the platform stands against anti-Semitism”.
In response, Ms Yaccarino, who took over from Mr Musk in June, said X had been “extremely clear about our efforts to combat anti-Semitism and discrimination”.
The Times also noted that the advertising freezes could affect X's bottom line in the fourth quarter, traditionally the company's strongest and most lucrative three-month period, as companies run major promotions through the site amid shopping bonanzas including Black Friday and Cyber Monday, and the Christmas holiday season.
X reported $1.57 billion in revenue during the last three months of 2021, the last fourth quarter earnings report before Mr Musk took over the company.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
Read more from Johann Chacko
Brief scores:
Day 1
Toss: India, chose to bat
India (1st innings): 215-2 (89 ov)
Agarwal 76, Pujara 68 not out; Cummins 2-40
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
Company%20profile
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Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
RACECARD
%3Cp%3E%0D%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Land%20Forces%20-%20Maiden%20(TB)%20Dh82%2C500%20(Dirt)%201%2C200m%0D%3Cbr%3E%3Cstrong%3E6.35pm%3A%20%3C%2Fstrong%3EDubai%20Naval%20Forces%20-%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3E7.10pm%3A%3C%2Fstrong%3E%20Sharjah%20Air%20Force%20-%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C200m%0D%3Cbr%3E%3Cstrong%3E7.45pm%3A%20%3C%2Fstrong%3EAjman%20Presidential%20Guard%20-%20Handicap%20(TB)%20Dh95%2C000%20(D)%201%2C200m%0D%3Cbr%3E%3Cstrong%3E8.20pm%3A%3C%2Fstrong%3E%20Dubai%20Creek%20Mile%20%E2%80%93%20Listed%20(TB)%20Dh132%2C500%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E8.55pm%3A%20%3C%2Fstrong%3EUmm%20Al%20Quwain%20and%20Ras%20Al%20Khaimah%20Joint%20Aviation%20-%20Rated%20Conditions%20(TB)%20Dh95%2C000%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E9.30pm%3A%3C%2Fstrong%3E%20Fujairah%20National%20Service%20and%20Reserve%20-%20Handicap%20(TB)%20Dh82%2C500%20(D)%201%2C400m%3C%2Fp%3E%0A
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
THE SPECS
Engine: 2.0-litre four-cylinder turbo
Transmission: eight-speed automatic
Power: 258hp at 5,000-6,500rpm
Torque: 400Nm from 1,550-4,400rpm
Fuel economy, combined: 6.4L/100km
Price, base: from D215,000 (Dh230,000 as tested)
On sale: now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
