Billionaire entrepreneur Elon Musk faced backlash and financial consequences after endorsing an antisemitic conspiracy theory on his social media platform, X. Musk's controversial post led to about 200 major advertisers, including Disney, Apple, and IBM, withdrawing their advertising from the platform. Speaking at the DealBook Summit in New York on Wednesday, Musk apologized for the post but criticized the advertisers for attempting to “blackmail” him. He bluntly advised them to "Don't advertise," using strong language to emphasize his point.

Internal documents seen by The New York Times revealed that the advertising boycott could potentially cost X up to $75 million in this quarter alone. Although Musk acknowledged that an extended freeze on advertising could bankrupt the company, he suggested that the public would hold the brands accountable for its collapse rather than blaming him. In particular, he singled out Disney CEO Bob Iger, who had earlier stated that the association between X, Musk, and antisemitism was not positive for Disney.

During the interview, Musk expressed regret for his endorsement of the antisemitic conspiracy theory, admitting that he should have provided a more detailed explanation of his intentions. He acknowledged that his actions had inadvertently empowered those who hate him and antisemitic individuals.

Musk's aggressive stance has raised concerns among investment banks that have provided billions in debt for his acquisition of X. Advertising accounts for a significant portion of X's revenue, and to mend ties with big brands, Musk has hired industry veteran Linda Yaccarino. Yaccarino, who was present at the event, will play a crucial role in repairing the damage caused by the advertiser exodus.

The controversy surrounding X's content and Musk's response to it has attracted attention from various organizations and individuals. The Anti-Defamation League, a prominent Jewish civil rights organization, has accused Musk of tolerating antisemitic messages on the platform since acquiring it last year. The situation has escalated due to the ongoing conflict between Israel and Hamas, with X's content facing increased scrutiny. Liberal advocacy group Media Matters published a report claiming that ads of major brands were being displayed alongside pro-Nazi and white nationalist content on X. As a result, X has filed a lawsuit against Media Matters, accusing the nonprofit organization of fabricating the report to deliberately drive advertisers away and harm X Corp.