Elon Musk

<p class="is-style-lead">X owner Elon Musk received a show of support from crypto professionals, despite a storm of criticism and advertiser departures from his social platform after the world’s richest person made what critics perceived as an anti-Semitic comment.&nbsp;</p> 
<p>In a Nov. 18 post, Tamara Haasen, who presides over InputOutput, the engineering and research company behind Cardano (<a href="https://crypto.news/price/cardano/" target="_blank" rel="noreferrer noopener">ADA</a>), described Musk as an “effective” leader, a “great operator” and someone clear on what battles to fight.</p> 
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   <p lang="en" dir="ltr">I love how effective Elon is as a leader. He’s a great operator, no bullshit, is clear on what battles are worth fighting. <a href="https://t.co/awckb526xM" target="_blank">https://t.co/awckb526xM</a></p>— tamara haasen (@TamaraHaasen) <a href="https://twitter.com/TamaraHaasen/status/1725857892236980267?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 18, 2023</a>
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<p>Haasen’s post was in response to an earlier post by Musk stating X will be filing a “thermonuclear lawsuit” against Media Matters, a liberal advocacy group.</p> 
<p>Media Matters recently <a href="https://www.reuters.com/legal/x-corp-file-lawsuit-against-media-watchdog-others-musk-2023-11-18/" target="_blank" rel="noreferrer noopener">claimed</a> X, formerly known as Twitter, was taking insufficient action against misinformation, particularly concerning the Israel-Hamas war.</p> 
<p>The group also published a report showing that X ads are shown alongside white supremacist content. The group also clapped back at Musk’s lawsuit on Saturday, predicting that if the Tesla CEO goes forward with a lawsuit, he will lose:</p> 
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   <p lang="en" dir="ltr">.<a href="https://twitter.com/GoAngelo?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@GoAngelo</a> statement <a href="https://t.co/MBlkkzgO6H" target="_blank">pic.twitter.com/MBlkkzgO6H</a></p>— Media Matters (@mmfa) <a href="https://twitter.com/mmfa/status/1725915754950734274?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 18, 2023</a>
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<p> You might also like: <a href="https://crypto.news/elon-musk-cryptocurrencies-acquisition-horizon/"> Elon Musk and cryptocurrencies: a potential acquisition on the horizon? </a> </p> 
<p>Compounding these issues, Musk’s recent <a href="https://twitter.com/elonmusk/status/1724908287471272299" data-type="link" data-id="https://twitter.com/elonmusk/status/1724908287471272299" target="_blank" rel="noopener">comments</a> on X, viewed as anti-Semitic, have further fueled an advertiser exodus. </p> 
<p>Apple, Lionsgate, Disney, and IBM have all <a href="https://www.pbs.org/newshour/economy/ibm-pulls-advertising-from-x-after-report-shows-ads-ran-next-to-antisemitic-messages#:~:text=IBM%20said%20this%20week%20that,X's%20main%20source%20of%20revenue." target="_blank" rel="noreferrer noopener">suspended</a> their advertising campaigns on X. The European Commission too has announced cessation of advertising on X, citing the spread of disinformation.</p> 
<p>A federal judge also turned down a bid by X to <a href="https://www.wsj.com/tech/x-corp-s-bid-to-change-or-end-ftc-consent-order-denied-by-judge-103f35e5?mod=tech_lead_story#:~:text=A%20federal%20judge%20denied%20X,the%20platform%20handled%20users'%20information." target="_blank" rel="noreferrer noopener">overturn</a> a $150 million Federal Trade Commission (FTC) fine, a penalty from previous management missteps. An industry watchdog even urged the FTC to scrutinize X’s new ad formats, suggesting they lack proper disclosure clarity.</p> 
<p>Musk has remained defiant, insisting he will voice his thoughts on the app, irrespective of potential financial loss.&nbsp;</p> 
<p>The Tesla CEO is a known crypto <a href="https://crypto.news/elon-musk-has-big-plans-for-crypto-analyst/" target="_blank" rel="noreferrer noopener">supporter</a>, whose public endorsements of Dogecoin (<a href="https://crypto.news/price/dogecoin/" data-type="link" data-id="https://crypto.news/price/dogecoin/" target="_blank" rel="noreferrer noopener">DOGE</a>) have gotten him into <a href="https://crypto.news/dogecoin-investors-strike-elon-musk-with-market-manipulation-lawsuit/" target="_blank" rel="noreferrer noopener">trouble</a> with investors on occasion. X is also home to a thriving crypto community, and Haasen’s post, cosigned with a <a href="https://twitter.com/TamaraHaasen/status/1725857892236980267" data-type="link" data-id="https://twitter.com/TamaraHaasen/status/1725857892236980267" target="_blank" rel="noopener">repost</a> from Cardano co-founder <a href="https://crypto.news/openai-sam-altman-exits-cardano-founder-offers-role/" target="_blank" rel="noreferrer noopener">Charles Hoskinson</a>, underscores how some quarters of the community are coming to Musk’s defense.</p> 
<p>With X’s ad revenue reportedly down by 50% compared to last year, the loss of significant brand partners could impact the app’s viability.</p> 
<p>Even after significant cost-cutting measures like reducing staff and selling off resources, X teeters on the edge of profitability. In a recent interview, X CEO Linda Yaccarino hinted that the platform might be close to turning a profit by early 2024, but that was when most of their top advertisers had returned. Now, they are leaving once again.</p> 
<p> Read more: <a href="https://crypto.news/cardanos-bull-run-why-the-price-is-up-and-whats-next-for-ada/"> Cardano’s bull run: Why the price is up and what’s next for ADA </a> </p>

Elon Musk praised by crypto pros following advertiser exodus from X

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