--- title: "Elon Musk Begs Advertisers to Return as Twitter’s Revenue Plunges" description: "X-formerly-Twitter is in deep trouble — and owner Elon Musk is on his knees, yet again, begging advertisers to return." date: "2024-06-20" modified: "2024-06-20" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/elon-musk-begs-advertisers-return-twitter-revenue" categories: - "Elon Musk" - "Future Society" - "The Industrialists" tags: - "elon musk" - "hate speech" - "social media" - "twitter" --- # Elon Musk Begs Advertisers to Return as Twitter’s Revenue Plunges ![X-formerly-Twitter is in deep trouble — and owner Elon Musk is on his knees, yet again, begging advertisers to return.]() *\Image: Marc Piasecki/Getty Images\* X-formerly-Twitter is in deep trouble — and owner Elon Musk is on his knees, [yet again](), imploring advertisers to return. While the [*New York Times* reported]() last week that executives at the beleaguered platform had assured employees that 65 percent of advertisers had returned, documents [obtained by *Bloomberg*]() show that revenue has overall cratered since owner Elon Musk took over in late 2022. Now, Musk and CEO Linda Yaccarino are back in damage control mode, trying to scrounge up some much-needed funds at this year's Cannes Lions festival in southern France. The mercurial billionaire reportedly met with executives from the likes of the NFL, L'Oreal, Qualcomm, and Target, according to [new reporting by the *NYT*](). But whether these measures will help Musk's hate speech-ridden echo chamber from bleeding [hundreds of millions of dollars]() per quarter remains to be seen. After all, who could forget that Musk [quite literally told advertisers to go fuck themselves]() in November — fighting words that likely didn't sit well with the execs he's now pleading to return to X. Responding to questions over running his mouth during his DealBook Summit tantrum last year, Musk sheepishly suggested that he didn't mean "advertisers as a whole." "Advertisers have a right to appear next to content that they find compatible with their brands," he [told ad giant WPP CEO Mark Read]() during an interview on Wednesday. "What is not cool is insisting that there can be no content that they disagree with on the platform." "I do shoot myself in the foot from time to time, but at least you know it is genuine, not from the PR department," he [admitted](). As *Bloomberg*'s latest report shows, Musk's leadership has been disastrous for the platform. Revenue tanked by almost 40 percent in the first half of 2023 compared to the same period in 2022. The company lost a whopping $456 million in the first quarter of 2023 alone. While it's unclear where the company stands in 2024, the documents paint a troubling picture of the company's financials, with Musk repeatedly making headlines for using the platform to [further conspiracy theories](), go on [racist rants](), and [spread disinformation](). In other words, it's not exactly a place where execs are dying to stuff their advertising dollars. Case in point, [executives told *Ad Age*]() that they had no interest in listening to Musk and that he had been "antagonistic to causes and social issues that they care about." Meanwhile, Musk used the opportunity this week to assure advertisers that AI — what else? — will once again save the day by making ads more relevant to customers. "If you’re trying to reach senior decision makers, if you want to reach the most influential people in the world," Musk told Read, "the X platform is by far the best." Yet millions of users, particularly in the US, [continue to flee the platform]() as [bots](), [scams](), and [spam]() proliferate, largely unchecked. Musk has also [welcomed hate speech with open arms]() on Twitter, further alienating the platform's once sizable user base. **More on Twitter:** *[Elon Musk Demands Money Back From Employees He Laid Off]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()