Walmart has stopped advertising on Elon Musk’s social media platform X, joining a growing list of companies dropping the site.
This move comes after Musk endorsed an antisemitic post, leading to a backlash and a potential loss of millions of dollars in advertising revenue.
The leaked documents show that over 100 big brands have stopped advertising and dozens more are considering it. (Trending: Greta Thunberg Caught on Video Going Full Anti-Semite)
— Forbes (@Forbes) December 1, 2023
Musk has apologized for his behavior, but the damage to the platform’s reputation may be irreversible.
“We aren’t advertising on X as we’ve found other platforms to better reach our customers,” confirmed a Walmart spokesperson.
Musk singled out Walt Disney CEO Bob Iger, who spoke earlier at the event and said Disney’s relationship with X “was not a positive one for us.”
“Companies need to protect the brands they work for,” said Lou Paskalis, founder AJL Advisory and former head of global media at Bank of America.
“This isn’t advertisers getting together in a secret clubhouse to support an agenda.”
Long-time Tesla investor Ross Gerber said, “I’ve never had this with any company I’ve invested in my entire life, where the CEO does so many detrimental things that destroy the brand, because bottom line that’s what’s happening.”
“It’s absolutely outrageous, his behaviors and the damage he’s caused to the brand,” Gerber continued.
Insider Intelligence analyst Jasmine Enberg said, “If anyone is killing X, it’s Elon Musk – not advertisers.”
“Should X collapse, an autopsy would reveal a series of platform policy decisions, staffing cuts, tweets and antagonistic comments by Musk that have driven away X’s primary source of revenue. (Musk) seems to be hell-bent on destroying the platform,” said Enberg.
Other companies like Apple have also paused advertising on X due to the controversy.