X CEO, Linda Yaccarino, has weighed in on Elon Musk’s claims that advertisers are trying to blackmail him, providing her perspective on the controversy.
Recall that while speaking at the DealBook Summit in New York on Wednesday, X owner Elon Musk hit hard at brands that have paused their advertising on the platform, accusing them of blackmail.
He said,
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“If somebody is going to try to blackmail me with advertising, Blackmail me with money, is that clear?”, he said this using several other profane words.
He further stated that his supporters would boycott those advertisers in kind. “The whole world will know that those advertisers killed the company and we will document it in great detail”, Musk added.
Addressing his outburst, Yaccarino described Musk’s comments as a candid point of view about the company’s position.
She wrote on X,
“Today Elon Musk gave a wide-ranging and candid interview at Dealbook 2023. He also offered an apology, an explanation, and an explicit point of view about our position. X is enabling information independence that’s uncomfortable for some people. We’re a platform that allows people to make their own decisions.
“And here’s my perspective when it comes to advertising: X is standing at a unique and amazing intersection of Free Speech and Main Street, and the X community is powerful and is here to welcome you. To our partners who believe in our meaningful work. Thank You”.
It is worth noting that the exodus of advertisers on X began when Musk promoted and endorsed anti-Semitic and racist statements on the platform. His inflammatory posts on the microblogging platform, among other things have led to the exit of about 200 big advertisers including Apple, IBM, and Disney, amongst others, all of whom have suspended their advertising campaigns on X.
Meanwhile, at the summit in Dealbook, Musk apologized for his inflammatory comments on X, where he agreed with an accusation of spurring antisemitic conspiracy theory, describing it as one of the most foolish if not the most foolish thing he has ever done on the platform. “I am sorry for that tweet or post”, he wrote.
He however denied that he is promoting anti-Semitic and hate speeches, stating that X suspends any post that calls for extreme violence, which is against the company’s terms of service.
According to reports, if advertisers continue to pause their ads on X, it could cost the company up to $75 million this quarter, which could spell disaster for the company.
Meanwhile, Musk acknowledged that an extended boycott could bankrupt X, stating that the public would blame the brands for the collapse, rather than put the blame on him.
Advertising accounts for most of X revenue which is why Musk hired NBCUniversal’s former head of advertising, Linda Yaccarino, to implement strategies to help lure advertisers back on the platform.