Elon Musk admitted on Friday that Twitter is taking a significant monetary hit from misplaced advertisers — and accused “activist teams” of “making an attempt to destroy free speech.”
“Twitter has had a large drop in income, attributable to activist teams pressuring advertisers, regardless that nothing has modified with content material moderation and we did every thing we might to appease the activists,” Musk tweeted.
“Extraordinarily tousled! They’re making an attempt to destroy free speech in America,” Musk added.
Musk didn't elaborate on whether or not he considered sure activist teams as liable for the sudden income plunge. However the brand new Twitter proprietor has confronted a mountain of criticism in latest days from teams and activists who worry his emphasis on free speech will embolden extremist voices on the platform.
Earlier this week, a bunch of greater than 40 civil rights and activist teams urged Twitter’s high 20 advertisers to withhold their promoting dollars until Musk agreed to uphold content material moderation requirements and crack down on hate speech. The open letter’s signatories included Media Issues, GLAAD and the NAACP, amongst dozens of others.
As The Put up reported, main promoting companies have prepped backup plans to maneuver their budgets to different platforms attributable to considerations about Musk’s possession of Twitter. Interpublic Group, a “Huge 4” promoting agency, beneficial that its shoppers pause spending on Twitter because of the unsure outlook.
Fears about Musk’s method to content material moderation surged in latest days after the billionaire posted after which deleted an article detailing an unfounded conspiracy principle in regards to the assault on Home Speaker Nancy Pelosi’s husband, Paul.
In the meantime, NBA famous person LeBron James and others known as out Twitter after a surge of racially charged hate speech on the platform.
Musk and his high advisers have scrambled to reassure advertisers. In an open letter to Twitter’s advert companions final week, Musk mentioned he wouldn't enable the platform to turn into a “hellscape” and acknowledged his dedication to model security on the location.
Musk can also be taking steps to diversify Twitter’s income stream as advertisers balk. The corporate is within the strategy of rolling out a revamped “Twitter Blue” paid subscription mannequin that can cost customers $8 per thirty days for account verification and different perks.
The billionaire elaborated on that effort whereas responding to criticism from famed creator Stephen King, who had slammed the corporate’s plan to cost for its “blue verify” badges.
“We have to pay the payments one way or the other! Twitter can't rely totally on advertisers,” Musk mentioned on the time.
Twitter can also be aiming to chop prices via a spherical of sweeping layoffs. The cuts started on Friday, with about half of the corporate’s workforce mentioned to be affected.
Post a Comment