The backlash started after Musk received accusations of being antisemitic following his reaction to an Tweet criticizing Western Jewish communities. He has vehemently denied accusations of antisemitism. In fact, he went as far as to sue Media Matters, a left-leaning watchdog.

After advertisers began pulling their spending, Musk lost his cool in a New York Times DealBook Summit interview. Tesla's CEO Tesla declared, "If somebody's gonna try to blackmail me with advertising and blackmail me with money? Do it yourself."

Linda Yaccarino, the social media platform's CEO, is being pushed. In a blog post about X on Wednesday, she said: "And here's my perspective on marketing: X is standing at a unique and amazing connection between Free Speech and Main Street -- as well as The X community is very strong and ready to welcome you. To our partners who are committed to the value of our work, Thank you."

X has been a source of discontent with advertisers

In an interview with Reuters, Felipe Thomaz, associate professor of marketing at the University of Oxford said "Brands have a lot of knowledge about these choices, and any brand safety concerns will be met with the shift of budgets away from platforms that are in trouble."

The entrepreneur who owns X apologized for any perceived antisemitism, however, these studies suggest that advertisers are not likely to give him the benefit of the doubt.

Robert Iger, CEO of Disney has stated at the same event that an ongoing relationship with Disney as well as X "was certainly not a beneficial one for us."

Lou Paskalis, founder of the marketing consulting firm AJL Advisory, said that Musk's anger was an "closing page" for a variety of brands and their ads on X. "They're not going to forget that," he stated.