Walmart, the largest retailer in the United States, announced that it has suspended all advertising on X, a social media platform that has been accused of spreading misinformation and hate speech. The decision came after a coalition of civil rights groups launched a campaign called #StopHateForProfit, urging advertisers to boycott X until it takes more action to prevent harmful content on its site.
Walmart said in a statement that it values diversity and inclusion, and that it does not want its ads to appear next to content that does not align with its corporate values. “We have been concerned about the proliferation of extremist views and hateful rhetoric on X for some time, and we have repeatedly expressed our dissatisfaction to X’s leadership,” the statement read. “We have decided to pause our advertising on X until we see more meaningful changes that address the issues we have raised.”
Walmart joins other major companies such as Coca-Cola, Unilever, Starbucks, and Verizon, who have also pulled their ads from X in recent weeks. According to estimates by the research firm Pathmatics, X lost about $7.5 billion in ad revenue in July due to the boycott. X’s CEO, has defended his company’s policies, saying that X stands for free expression and that it does not benefit from hate speech. However, he also acknowledged that X has more work to do to combat misinformation and hate speech, and that he is committed to working with advertisers and civil rights groups to find solutions.
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Twitter, the popular social media platform, has been facing a backlash from some of its advertisers after the news of Elon Musk’s acquisitions broke out. The billionaire entrepreneur, who is known for his ventures in space exploration, electric vehicles, and neural implants, has recently acquired several companies that are related to artificial intelligence, biotechnology, and blockchain. Some of these companies include OpenAI, Neuralink, and Starlink.
According to some reports, Musk plans to integrate these technologies into Twitter, creating a new platform that would allow users to communicate with each other using brain-computer interfaces, access satellite internet services, and participate in decentralized applications. Musk claims that this would enhance the user experience and create a more innovative and inclusive online community.
However, not everyone is happy with this vision. Some of the advertisers who rely on Twitter for reaching their target audiences have expressed their concerns and dissatisfaction with the potential changes. They argue that Musk’s acquisitions would disrupt the existing business model of Twitter, which is based on selling ads and data to third-party companies. They fear that they would lose their access to valuable user information and analytics, as well as their ability to customize and optimize their ads according to user preferences and behaviors.
Additionally, some advertisers worry that Musk’s acquisitions would alienate some of the existing users of Twitter, who may not be comfortable or interested in using the new technologies that Musk intends to introduce. They claim that this would reduce the size and diversity of the user base, which is one of the main attractions of Twitter for advertisers. They also question the ethical and social implications of Musk’s acquisitions, such as the potential risks of privacy violations, cyberattacks, and social polarization.
As a result of these concerns, some advertisers have decided to boycott Twitter or reduce their spending on the platform until they receive more clarity and assurance from Musk and Twitter’s management. Others have started to look for alternative platforms that can offer them similar or better services and opportunities. This has caused a significant drop in Twitter’s revenue and stock price, as well as a loss of trust and reputation among its stakeholders.
Twitter has not yet responded officially to the advertisers’ complaints or Musk’s acquisitions. However, some sources suggest that Twitter is in talks with Musk and his companies to negotiate the terms and conditions of the integration. They also indicate that Twitter is working on developing new features and policies that would address some of the advertisers’ concerns and retain their loyalty and satisfaction. It remains to be seen how Twitter will balance the interests and expectations of its different stakeholders in the face of this unprecedented challenge.
The #StopHateForProfit campaign has praised Walmart for its decision, calling it a “powerful signal” that X needs to change its ways. “Walmart is sending a clear message that it will not tolerate X’s failure to protect its users from hate, racism, and violence,” the campaign said in a statement. “We hope that more advertisers will follow Walmart’s lead and hold X accountable for its harmful actions.”