Apple, IBM, Disney, Lionsgate, and others hit pause on X ads following Elon Musk's antisemitic controversy

Elon Musk’s post agreeing with antisemitic conspiracy theories, putting Jewish people in a bad image has triggered a mass exodus of advertisers from X. Among the tech giants severing ties with the platform are industry heavyweights such as Apple, IBM, Disney, and Lionsgate.

Musk,agreed with a post that said Jewish people hold a "dialectical hatred" of white people. "You have said the actual truth," he said.

Broadcasters like Discovery. Paramount and Comcast / NBCUniversal have paused their ads on the platform as well, according to The Verge. 

According to Bloomberg, Lionsgate “has suspended all advertising on X, effective immediately,” and Politico reported that the European Commission sent an internal message to leaders noting it has stopped advertising there due to “widespread concerns relating to the spread of disinformation.”

The repercussions of Musk's controversial statements are felt not only in the withdrawal of support but also in the financial realm. In June 2023, ad sales on X plummeted by a staggering 56%, witnessing a monumental drop of $30 billion compared to the previous year. The platform's future remains uncertain as it grapples with the fallout from this significant downturn in advertiser confidence.