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Investing.com -- Amazon.com (NASDAQ:AMZN) is reportedly increasing its advertising on social media platform X, owned by billionaire Elon Musk, according a report from the Wall Street Journal, citing sources familiar with the matter. This significant shift comes over a year after the e-commerce behemoth pulled much of its advertising from the platform due to concerns related to hate speech.
In 2023, Apple (NASDAQ:AAPL) also withdrew all advertising from X and is said to be in recent discussions about testing ads on the platform again. This follows a broader trend where several tech, media companies, and ad agencies suspended advertising on X in response to Musk’s endorsement of a post that falsely accused members of the Jewish community of inciting hatred against white people.
Since Musk acquired the company, formerly known as Twitter, in October 2022, X’s monthly U.S. ad revenue has seen a consistent decline of at least 55% year-over-year. Musk has previously acknowledged that an extended boycott by advertisers could potentially lead to the bankruptcy of X.
Musk, who has become a highly influential figure following President Donald Trump’s re-election, currently heads the Department of Government Efficiency. This department aims to reduce government spending by $2 trillion.
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