Comment on Could X go bankrupt under Elon Musk?
autotldr@lemmings.world [bot] 9 months ago
This is the best summary I could come up with:
The companies paused adverts after an investigation by a US organisation, Media Matters for America, flagged ads appearing next to pro-Nazi posts.
In a fiery interview on Wednesday, Musk also used the “b” word - bankruptcy, in a sign of just how much the ad boycott is damaging the company’s bottom line.
Mark Gay, chief client officer at marketing consultancy at Ebiquity, which works with hundreds of companies, says there is no sign anyone is returning.
When Musk puts chief executives “in his crosshairs” like this they will be even more reticent to be involved with X, says Lou Paskalis, of marketing consultancy AJL Advisory.
Jasmine Enberg, principal analyst at Insider Intelligence, adds: “It doesn’t take a social media expert to understand and to know that publicly and personally attacking advertisers and companies that pay X’s bills is not going to be good for business.”
According to the New York Times, which got hold of the pitch deck Musk was giving to investors last year, X was supposed to bring in $15m from a payments business in 2023, growing to about $1.3bn by 2028.
The original article contains 1,032 words, the summary contains 184 words. Saved 82%. I’m a bot and I’m open source!
jaidyn999@lemm.ee 9 months ago
It won’t fail because of money. Musk has enough money to fund it out of his petty cash forever.
If it fails, it will fail in the same way the newsnet failed - it becomes full of angry old men screaming about Israel and guns.
zeppo@lemmy.world 9 months ago
Does he have the desire to do that, though? It seems more likely to me that he’d sell it first. All of the attention it’s created seems to be something he desires, though.