Elon Musk’s social network X may lose up to $75 million in advertising revenue by the end of the year as global brands suspend advertising campaigns on the platform. This is reported by Reuters with reference to The New York Times.

The publication has reviewed X’s internal documentation. According to it, there are a significant number of advertisers who have stopped or are preparing to stop their campaigns on the social network. Among them are Airbnb, Amazon, Coca-Cola, and Microsoft.

This situation was brought about by a recent scandal following the publication of a report by the Media Matters organization. According to the report, ads of major brands appear next to pro-Nazi content on the platform.

As a result, many large companies have announced that they will stop corporate advertising on X. For example, this decision was announced by IBM, which noted that it has zero tolerance for hate speech and discrimination.

Instead, X sued Media Matters, accusing her of defamation. According to the platform, the group’s report distorted the typical experience of working with a social network “with the intention of harming X and its business.”