X Corp., the social media giant formerly known as Twitter, has suffered a staggering 60 percent drop in its U.S. advertising revenue, a decline that owner Elon Musk attributes to pressure from the leftist Anti-Defamation League (ADL).
Bloomberg reports that Twitter/X has been grappling with a significant downturn in its advertising revenue, specifically a 60 percent decline in the U.S. market. This slump has raised questions about the platform’s financial health and its ability to sustain itself in the long term. “Advertising revenue on X Corp. is still down 60%, primarily due to pressure on advertisers,” said Elon Musk, the owner of X Corp.
Elon Musk’s Halloween costume (Taylor Hill /Getty)
Advertising revenue is vitally important to Twitter. When Elon Musk hired advertising executive Linda Yaccarino as CEO of the company, it was widely viewed as an acknowledgement that his plan to support the company through a subscription model was an abject failure.
According to Musk, the ADL, a leftist non-profit organization, has been at the center of this advertising catastrophe. Must claims the ADL has been “trying to kill” the platform ever since he acquired it last year. He claims the organization is “falsely accusing” both him and the platform of being antisemitic.
Musk has not ruled out taking legal action against the ADL if the organization continues with its accusations. This opens up a new dimension in the ongoing saga, potentially leading to a legal battle that could have far-reaching implications for both parties involved.
If this continues, we will have no choice but to file a defamation suit against, ironically, the “Anti-Defamation” League.
If they lose the defamation suit, we will insist that they drop the the “anti” part of their name, since obviously … 😂
— Elon Musk (@elonmusk) September 4, 2023
While the decline in advertising revenue is concerning, Musk assures that the platform can survive without returning to its previous revenue levels. Musk also replied to a tweet about the ADL being sued for defamation in the past, stating that he would be holding the group responsible for X losing around half of its value, approximately $22 billion.
Interesting.
In our case, they would potentially be on the hook for destroying half the value of the company, so roughly $22 billion.
— Elon Musk (@elonmusk) September 4, 2023
This isn’t the first time Musk has tangled with the ADL. In May, the billionaire said that the organization should “drop the A” from its name, pointing out his belief that it would be more aptly named the “Defamation League.”
Read more at Bloomberg here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan