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Highlights
- Elon Musk is planning to see those working against X ads business
- The X platform has always been targeted with ads boycott
- Elon Musk has led the firm to evolve to generate revenue in other ways
Elon Musk has finally decided to take on the major perpetrators and collaborators in the boycott of X advertisement revenue. His latest resolve came as a result of the Congressional hearing from Ben Shapiro, uncovering the tactics that determine ad capital flow.
Elon Musk X and Ads Boycott
Elon Musk is one of the top American billionaires considered a threat by mainstream media. When he acquired X for $44 billion, he resolved to fight for free speech on the platform. Based on this resolve, citizen journalism thrived and many allegedly began to trust reports on X more than mainstream media.
One major thing, however, stood in the way of doing this effectively- advertising revenue. Since his takeover in 2022, many advertisers have left the social media platform. Among the brands that have stopped advertising on the platform include Coca-Cola, Microsoft and Airbnb. As of November 2023, the brand exit cost the X app up to $75 million in ad revenue.
In order to step up the running of the social media platform, Elon Musk introduced some dramatic changes. First, he laid off a significant number of X staff to save on hiring and operational cost. Afterward, he introduced subscriptions on the X app, pushing users to fund the company directly.
Despite the backlash the move got at the time, the X app has continued to thrive without ad money. With the directed censorship of platforms like X in favor of legacy media, Elon Musk said he hope some states will move to pursue legal actions on the perpetrators.
Having seen the evidence unearthed today by Congress, 𝕏 has no choice but to file suit against the perpetrators and collaborators in the advertising boycott racket.
Hopefully, some states will consider criminal prosecution. https://t.co/5W4yf1wxVO
— Elon Musk (@elonmusk) July 11, 2024
The Push Toward The Everything App
Another major buzz on X is the pivot to become the everything app. Beyond its primary role as a micro-messaging platform, there are plans to introduce X payments for users.
In line with this X payment push, the Elon Musk firm has secured licenses in more than 20 US states. It also recently expanded the licensing to Hawaii and other offshore US regions. While the launch timeline for the X payments remain unknown, the development efforts is not slowing down.
Besides the push toward payment, Elon Musk is also pushing for email service for the platform dubbed XMail. It remains to be seen whether the billionaire will push through with the lawsuit threat, if he does, it certainly will not be the first time he’s embroiled in high profile legal battle.
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