Good morning.
Just over a year after Elon Musk acquired X, formerly Twitter, for $44bn, the company finds itself in a state of disrepair. There are 5,500 fewer employees, cashflow remains negative and the company is now worth $19bn – a 55% drop in value in just 12 months. To make matters worse for Musk and X, the social media company could lose as much as $75m in advertising revenue by the end of the year. 200 companies, including giants like Disney and Apple, paused ad spending on the social media platform after Musk endorsed a tweet that accused Jewish communities of pushing “hatred against whites that they claim to want people to stop using against them”. Musk responded to the user with: “You have said the actual truth.” The monitoring organisation Media Matters then published a report showing ads from big brands appearing next to posts promoting antisemitic and white nationalist content. Musk has responded by suing the watchdog.
