Elon Musk has been going through testing times with X, aka Twitter. Since he took over the company, it has been facing many turbulent situations, which have made it difficult to keep the company afloat. After the acquisition, many advertisers retracted from advertising on the platform after the lobbyists pressured them. Due to this, advertising revenue, the main source of revenue on X, has been plummeting.
However, many reports released since Elon Musk took over X suggest that there has been a rise in misinformation and the peddling of conspiracy theories. Recently, Musk himself interacted with a user who perpetuated the “Great Replacement Theory.” This has led to a great exodus of corporations advertising on the platform to fly away from X. Now, due to misinformation on X, Ireland has witnessed a riot.
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Elon Musk’s X Did Not Comply With Ireland’s Police Force To Take Down The Inflammatory Posts
Image Courtesy: Time
In November 2023, violence erupted in Ireland’s capital, Dublin. It was caused after the posts about an illegal immigrant stabbing civilians went viral. The far-right groups started demonstrations, which turned into a riot on November 23, 2023. Many people were left injured, including a five-year-old girl, as per CBS News, who was hospitalized due to injuries.
However, it was later revealed that the criminal who stabbed civilians was an Irish citizen who was from Algeria. Due to the riots, a bus and tram were set on fire, with stores getting looted. It is believed that far-right actors on X provoked the violence through organized planning.
Due to the violence that erupted due to disinformation on X, many right-wing personalities started to propagate anti-immigrant posts on X. Tucker Clarson, the former Fox News anchor, perpetuated the “Great Replacement Theory,” saying, “the Irish government is trying to replace the population of Ireland with people from the third world.”
Elon Musk also reacted to the violence that took place in Dublin, claiming that the Prime Minister, Leo Varadkar, hates the Irish people.
Justice Minister Helen McEntee claimed that X did not cooperate with the Irish national police force, Garda Síochána, when it asked them to take down the posts. Helen said that other social media platforms complied, but “X were not. They didn’t engage. They did not fulfill their own community standards.”
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The Billionaire’s Venture Is Nearing Bankruptcy
Elon Musk has been rowing a drowning boat that is X. The platform has seen a major slump in revenue compared to last year. The advertising revenue came down by 54%. He has been trying to compensate for the loss by implementing revenue-inducing policies. However, due to his recent actions, many major advertisers have severed ties with the platform.
It started when Media Matters for America released a report claiming that the advertisements of major corporations are placed near pro-Nazi and pro-Hitler content. Due to this, corporations like Apple, IBM, Walmart, and others have stopped advertising on X. After this, Elon, during a live event, told advertisers, especially Bob Iger, to f**k themselves.
Elon Musk-owned X’s revenue, as per Insider Intelligence, was reduced from $4 billion in 2022 to $1.9 billion in 2023. If the advertiser’s exodus continues, it will be difficult for Musk to pay interest on the $13 billion loan that he took to purchase Twitter. He will also fail to pay the staff bills if the advertising revenue reduces, as 90% of revenue for X came from advertising revenue in 2022.
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