Monthly U.S. ad revenue at social media platform X has declined at least 55% year-over-year each month since billionaire Elon Musk bought the company formerly known as Twitter in October 2022, according to third-party data provided to Reuters.
The company has struggled to retain some advertisers since the takeover, as brands have been wary of rapid changes under Musk's ownership. X's chief executive, Linda Yaccarino, is expected to meet on Thursday with bank lenders who helped finance Musk's acquisition to outline the company's business plans, according to a person familiar with the plans.
Ad revenue in August, the latest data available from Guideline, declined 60% year-over-year. X declined to comment on the data. In a statement on Wednesday, the ADL said any allegation that it caused losses to X were false. The organization added it was prepared to begin advertising itself on the platform "to bring our important message on fighting hate to X and its users."
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