Business
Musk told advertisers to ‘go f— yourself’ and stop spending on X. They might do just that. on December 7, 2023 at 11:00 am Business News | The Hill
Elon Musk’s recent expletive-laden outburst at major advertisers on X, the platform formerly known as Twitter, was the latest in a long line of controversial remarks from the billionaire tech mogul.
However, Musk’s comments may have gone too far for advertisers this time, who experts warned may opt not to continue spending on the platform.
“I think the era of advertising is true well and truly dead at Twitter, at X,” said Lou Paskalis, the CEO and founder of the marketing consultancy AJL Advisory.
Several major companies — including Disney, Apple, IBM, Comcast, Lionsgate, Warner Bros. Discovery, Sony Pictures and Paramount — paused their ad spending on the platform en masse last month as Musk faced renewed accusations of antisemitism.
The pullback started after Musk appeared to endorse an antisemitic conspiracy theory on X in a reply to another user’s post in mid-November, calling it the “absolute truth.”
Just one day later, a report from the left-leaning media watchdog Media Matters for America accused X of placing ads for mainstream brands next to pro-Nazi and white nationalist content.
As advertisers fled, Musk attempted to contain the fallout with a trip to Israel, in which he met with Israeli Prime Minister Benjamin Netanyahu and toured a kibbutz that was attacked by Hamas militants on Oct. 7.
However, upon returning to the U.S., Musk lashed out at major advertisers who had stopped spending on the platform.
“If someone is going to try and blackmail me with advertising, blackmail me with money, go f— yourself,” he said at The New York Times DealBook Summit. “Go f— yourself. Is that clear? Hope it is.
“Hey Bob, if you’re in the audience,” Musk added, in an apparent response to Disney CEO Bob Iger, who earlier in the summit addressed his company’s decision to halt spending on X.
Paskalis suggested that Musk already knew advertisers weren’t going to return to the platform before taking the stage at the DealBook Summit.
“Either out of hubris or a plan that I don’t understand, an end game I really don’t understand, he wanted to put the sword in the beast and say, ‘I don’t care about advertisers. Their concerns don’t concern me. I don’t need you to succeed,’” Paskalis told The Hill.
Advertisers flee as X bleeds money
Musk’s decision to spurn ad money comes after a year of deep financial losses for X, which the billionaire purchased for $44 billion last October.
Advertisers similarly pulled away last year after Musk initially took control of the company and rapidly began making changes. The billionaire fired top executives, laid off thousands of staff and followed through on promises to walk back content moderation policies and reinstate previously banned accounts on the platform.
By the end of November 2022, Media Matters reported that half of Twitter’s top 100 advertisers were no longer spending on the platform, and Musk was warning employees that the company could go bankrupt.
Since Musk’s chaotic takeover, advertisers appear to have slowly returned to X. CEO Linda Yaccarino said in September that 90 percent of the company’s top 100 advertisers were back, although some reports have indicated that ad revenue at X remains well below pre-Musk levels.
Wedbush Securities analyst Dan Ives said he now estimates that the social media company is worth less than $10 billion.
Why Musk’s latest comments are a turning point
Even more so than telling advertisers to “go f— yourself,” Paskalis said that Musk’s decision to publicly call out Iger has companies concerned.
“That is the more concerning thing for corporate America, that he would go so far to call out the CEO of somebody who’s stopped advertising,” he said. “That freezes large companies. It paralyzes them because they never want to put their CEO in any kind of thing that would get them caught up in the middle of the culture war.”
“In that context, if X paid me to advertise on X, if they actually paid a premium, money back to the client, it’s still not worth the reputational risk,” Paskalis added.
Jasmine Enberg, a principal analyst at the marketing research company Insider Intelligence, also said noted that because X is not essential for most advertisers, it is a “relatively painless and easy decision” for companies to cut spending on the platform.
“If it was a platform where advertisers got a strong return on investment, some of them might be more willing to overlook Musk’s antics,” Enberg said.
“But as it stands, X is a very small part of the digital advertising landscape, and there are other platforms and a growing list of other platforms where advertisers can spend their money,” she continued. “So why spend on a platform where the owner has explicitly told them not to.”
With the existence of these additional venues for advertising, Tom Hespos, who runs the consulting firm Abydos Media, said it has been easier for some of his clients to stop spending on the platform.
“Continuing to invest in Twitter when we have other options and they no longer have the clout and the control that they once did, again, the decision becomes a little bit more easy,” he told The Hill.
Hespos has begun recommending that some of his clients stop posting on X, in addition to halting ad spending.
“In the instance where I have a client that maybe hasn’t invested so much in Twitter, X, whatever its calling itself these days, it’s a consideration to pull not just advertising but to get off the platform entirely,” he said.
“Clients do not want to answer the questions surrounding, ‘Why are you supporting somebody who’s posted antisemitic things? Why are you supporting somebody who tells advertisers to f— off?’” he added.
Several major companies that halted ad spending on X seem to have taken a similar approach, with flagship accounts from Lionsgate, Warner Bros. Discovery, Sony Pictures and Paramount going silent in mid-November.
“We’re hitting a tipping point, I think, where the disdain for advertisers and the creation of a safe space for things like hate speech and antisemitism, those aren’t things that advertisers want to support through implied endorsement or any other methods,” Hespos said.
How Musk, X are trying to stay afloat
Amid the storm, X is reportedly working to attract ad spending from smaller and medium-sized businesses. The company told the Financial Times that the effort was “always part of the plan,” but it now plans to “go even further with it.”
Yaccarino has also attempted to attract advertisers with Musk’s “free speech” vision of the platform.
“X is enabling an information independence that’s uncomfortable for some people,” she wrote in a post last week. “We’re a platform that allows people to make their own decisions.”
“And here’s my perspective when it comes to advertising: X is standing at a unique and amazing intersection of Free Speech and Main Street — and the X community is powerful and is here to welcome you,” Yaccarino added. “To our partners who believe in our meaningful work — Thank You.”
However, experts expressed doubts about how effective such an approach will be at countering recent losses.
“Without those big brands, it’s going to be incredibly difficult for X to be able to pay its bills,” Enberg said. “Musk has not yet been able to roll out another sustainable monetization model that would be able to bring in as much revenue as advertising has brought in for the platform.”
While Ives, the Wedbush Securities analyst, acknowledged that X could use smaller businesses to “fill some of the void” left by major advertisers, he emphasized that they can’t replace them.
“I do think there’s going to have to be some olive branch to the advertisers to get them to come back at some point,” he said.
Ives noted that despite the current “groundswell moment,” he’s not entirely sure advertisers are done with the platform.
“On one hand, engagement on X has been, I think, significant,” he said. “Advertisers are focused on engagement, so do they come back slowly? I mean, that’s really that’s going to be the debate.”
“The world has short memories,” Ives added.
Technology, Business, advertisers, Twitter Elon Musk’s recent expletive-laden outburst at major advertisers on X, the platform formerly known as Twitter, was the latest in a long line of controversial remarks from the billionaire tech mogul. However, Musk’s comments may have gone too far for advertisers this time, who experts warned may opt not to continue spending on the platform….
Business
The Cities Bracing for Trump’s Immigration Crackdown
In the wake of Donald Trump’s recent election victory and his promise of “the largest deportation operation in American history,” several major U.S. cities are bracing for potentially seismic shifts in their economic and social landscapes. As the nation grapples with the implications of this proposed policy, urban centers that have long been havens for immigrant communities find themselves at the epicenter of a looming storm.
Los Angeles, often dubbed the “City of Angels,” stands to lose more than its celestial nickname suggests. As a primary gateway for immigrants, the city’s vibrant tapestry of cultures and its economic engine could face significant disruption. From the bustling streets of Koreatown to the sun-drenched orchards of the Central Valley, the absence of undocumented workers could leave gaping holes in the city’s workforce and cultural identity.
Across the country, New York City, with its iconic skyline and melting pot reputation, faces its own reckoning. The Big Apple’s 5.9 million immigrants, many of whom are undocumented, form the backbone of industries ranging from construction to healthcare. The potential exodus could transform neighborhoods like Jackson Heights and Flushing, altering the very essence of what makes New York a global city.In the Sunshine State, Miami’s tropical allure belies the turbulent times ahead. Home to 2.5 million immigrants, the city’s economy relies heavily on sectors like tourism and hospitality – industries where undocumented workers often fill crucial roles. The potential deportation of these workers could send shockwaves through Miami’s economic ecosystem, from South Beach’s glitzy hotels to the agricultural heartlands of South Florida.
Chicago, the “City of Big Shoulders,” may find those shoulders significantly weakened. With 1.7 million immigrants in its metropolitan area, the Windy City’s diverse neighborhoods and industries face an uncertain future. From the meatpacking plants to the tech startups, Chicago’s economic resilience could be tested like never before.
In the Lone Star State, Houston and Dallas stand as twin testaments to the complexities of immigration policy. These Texas titans, each home to large immigrant populations, could see their booming economies stumble. The construction sites that dot their ever-expanding skylines and the service industries that keep these cities humming could face unprecedented labor shortages.
Out West, the San Francisco Bay Area’s reputation as a bastion of innovation and progress could be challenged. The region’s tech industry, often reliant on immigrant talent, might find itself grappling with a new reality. From Silicon Valley’s coding campuses to the agricultural expanses of the Central Valley, California’s economic powerhouse could face a reckoning. Phoenix, rising from the Sonoran Desert, could see its growth trajectory altered. As Arizona’s urban center, it stands at the forefront of the immigration debate, potentially facing not just economic impacts but social and political upheaval as well.
These cities, along with others like San Diego and Las Vegas, are not just facing potential economic disruptions. They are staring down the barrel of profound social change. Family separations, community fragmentation, and the erosion of cultural enclaves built over generations are all possible consequences of mass deportations. Moreover, the fiscal implications are staggering. Undocumented immigrants contribute billions in taxes annually, often without receiving the full benefits of their contributions. Their sudden absence could leave gaping holes in city budgets, potentially affecting public services and infrastructure projects.
As these urban centers brace for impact, the debate rages on. Supporters of stricter immigration policies argue for the need to enforce laws and protect American jobs. Critics warn of economic devastation and the unraveling of America’s urban fabric. What’s clear is that America’s cities stand at a crossroads. The coming months and years will likely reshape urban landscapes in ways both visible and invisible. From the foods we eat to the services we rely on, from the neighborhoods we call home to the very character of our cities, the impacts of this proposed immigration crackdown could be far-reaching and long-lasting. As the nation watches and waits, these cities – vibrant, diverse, and economically vital – find themselves on the front lines of a policy that could redefine what it means to be an American city in the 21st century.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring filmmakers. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
Business
How Trump’s Deportation Plans Could Reshape Major Cities
In the wake of Donald Trump’s recent election victory, his ambitious plans for mass deportations have thrust America’s urban centers into the spotlight. As the nation grapples with the potential implications of what Trump calls “the largest deportation operation in American history,” cities across the country are bracing for significant changes that could reshape their economic, social, and cultural landscapes.
The stakes are particularly high for metropolitan areas like New York, Los Angeles, Houston, Dallas, and Miami, which host the largest populations of unauthorized immigrants. These cities, along with other major urban hubs such as Chicago, Washington D.C., and San Francisco, stand at the forefront of a looming transformation that could reverberate throughout the nation.
Economic Tremors
Economists warn that the proposed deportations could send shockwaves through urban economies. Mark Zandi, chief economist at Moody’s, cautions that businesses would face “significant challenges” if a substantial number of immigrants were removed. Industries such as construction, hospitality, and healthcare—pillars of urban economies—could face severe labor shortages.
Joe Brusuelas, chief economist at RSM, emphasizes the potential ripple effects: “The native-born workforce cannot meet current labor demands.” This labor gap could lead to increased wages, potentially rekindling inflation—a concern that looms large over city planners and policymakers alike.
Community Fabric Under Strain
Beyond economic considerations, the social fabric of cities hangs in the balance. Elena, a Nicaraguan immigrant in Houston, voices a fear echoed in immigrant communities across the nation: “I’m scared… This is my home.” The threat of family separations, particularly in mixed-status households, casts a long shadow over urban neighborhoods.
Immigrant advocacy groups like FIEL are mobilizing, advising clients to prepare for “anything that can happen.” This atmosphere of uncertainty could lead to decreased community engagement and cooperation with local authorities, potentially impacting public safety and community cohesion.
Cities at a Crossroads
As the debate intensifies, cities find themselves at a crossroads. Some, like New York and Los Angeles, have historically positioned themselves as “sanctuary cities,” often at odds with federal immigration enforcement. The impending clash between federal policy and local governance promises to be a defining feature of this new political landscape.
Meanwhile, the logistical challenges of implementing such a massive deportation operation remain daunting. Questions abound regarding detention facilities, transportation networks, and the sheer manpower required to carry out Trump’s vision.
Looking Ahead
As America’s urban centers brace for potential change, the full impact of Trump’s deportation plans remains to be seen. Legal challenges are all but certain, and the resilience of America’s cities will be put to the test.
What is clear is that the coming months and years will be pivotal for urban America. As Jason Miller, a senior Trump adviser, puts it, the plan is to “immediately reinstate” immigration policies from Trump’s first term. For America’s cities, this could mean a period of unprecedented change, challenge, and, potentially, transformation.
As the nation watches and waits, the story of America’s cities in the face of this ambitious deportation plan is just beginning to unfold. The outcome will undoubtedly shape the future of urban life in America for years to come.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
Business
Donald Trump Wins 2024 USA Election
Based on the election results, Donald Trump has indeed won the 2024 U.S. presidential election, defeating Vice President Kamala Harris. Here’s an analysis of the key statistics and implications:
Electoral College Victory
Donald Trump has secured the presidency by winning crucial battleground states and flipping some key states that were previously held by Democrats. The final Electoral College tally is still being determined, but Trump has surpassed the 270 electoral votes needed to win.
Battleground State Performance
Trump’s victory was largely secured by winning several critical swing states:
- Wisconsin: Trump’s win here was pivotal in securing his path to victory.
- Pennsylvania: This state flipped back to Republican control.
- Georgia: Another key state that Trump managed to win back.
- Michigan: Trump successfully flipped this traditionally Democratic stronghold.
Popular Vote and Voter Priorities
While the final popular vote tally is still being calculated, exit polls provide insight into voter priorities:
- Economy and democracy were top concerns for voters.
- Abortion and immigration also played significant roles in voter decision-making.
Congressional Control
The election results extend beyond the presidency:
- Republicans are set to take back the Senate majority, securing at least 51 seats.
- Control of the House of Representatives remains undetermined.
Media Implications
The outcome of this election could be seen as a challenge to mainstream media narratives for several reasons:
- Polling Discrepancies: Many pre-election polls suggested a tight race or even a slight Harris advantage in key states. Trump’s victory, particularly in battleground states, may indicate that polls underestimated his support.
- Narrative Shifts: Throughout the campaign, much of the mainstream media focused on Trump’s legal challenges and controversies. His victory suggests that these issues may not have resonated with voters as much as economic and policy concerns.
- Voter Priorities: The emphasis on issues like the economy and immigration in voter decision-making may indicate a disconnect between media focus and voter concerns.
- Electoral Predictions: Many mainstream outlets were cautious about predicting a Trump victory, even as results began to favor him. This hesitancy could be seen as a reflection of broader media skepticism about Trump’s chances.
- Underestimation of Trump’s Base: The results suggest that Trump’s core support remained strong and potentially grew, despite negative coverage in much of the mainstream media.
It’s important to note that while the election outcome may challenge some media narratives, it doesn’t necessarily invalidate all mainstream reporting. The complex factors influencing voter behavior and the challenges of accurate political forecasting remain subjects of ongoing analysis and debate.
As the dust settles on this historic election, both the media and political analysts will likely engage in extensive reflection on the factors that led to Trump’s victory and the implications for future political coverage and analysis.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
-
News4 weeks ago
The Hemp Village’s Inaugural Brunch: A Celebration of Resilience and Community Spirit
-
Advice3 weeks ago
How Community Engagement Ignites Cultural Phenomena
-
Advice2 days ago
Master the Art of Film Casting
-
Advice2 days ago
How to Create Unforgettable Movie Scenes
-
Advice2 days ago
Reinventing Genres: Tips for Filmmakers
-
Advice2 weeks ago
A Reality Check for Aspiring Filmmakers
-
Advice3 days ago
Screenwriting Tips for Aspiring Filmmakers
-
Advice2 weeks ago
The 1% Club: Breaking Into the Elite Circle of Sold Screenplays