< p > Ad sales for Elon Musk’s social media platform X in 2023 are expected to fall to about $2.5 billion. Bloomberg News reported Tuesday. Several companies, including Comcast and Walt Disney, stopped advertising on the platform after Musk last month agreed to a post on X (formerly Twitter) that claimed Jews were inciting hatred against white people. There was a pause. Joe Benarroch, head of business operations at Company X, told Reuters: “This report does not reflect the full scope of our business as sources relied upon by Bloomberg do not provide accurate and comprehensive details. “It gives an incomplete view.” Last month, Musk agreed with a post by X that claimed Jews were inciting hatred against white people. Getty Images for The New York Times < / p >
< p > As a publicly traded company, X’s revenue from advertising services in the last four quarters totaled $4.7 billion for the second half of 2021 and the first half of 2022, according to LSEG data. The company generated more than $600 million in advertising revenue in each of the first three quarters of 2023 and expects similar results this quarter, the report added, citing people familiar with the matter. Since Musk’s acquisition in October 2022, U.S. monthly ad revenue has fallen by at least 55% year over year every month, according to third-party data provided to Reuters in October. The company generated just over $600 million in ad revenue in each of the first three quarters of 2023, according to Bloomberg. zumapress.com < / p >
< p > Advertising sales account for 70% to 75% of X’s total revenue. Management had targeted $3 billion in revenue from advertising and subscription fees in 2023, but the company is far from reaching that number, according to the report. Musk also said in July that Twitter’s cash flow remains negative due to a nearly 50% drop in advertising revenue and high debt. < / p >
Source: nypost.com
