ELON Coin

Elon Musk

Elon Musk has finally decided to take on the major perpetrators and collaborators in the boycott of X advertisement revenue. His latest resolve came as a result of the Congressional hearing from Ben Shapiro, uncovering the tactics that determine ad capital flow.
<h2 id="strong-elon-musk-x-and-ads-boycott-strong">Elon Musk X and Ads Boycott</h2>
Elon Musk is one of the top American billionaires considered a threat by mainstream media. When he acquired X for $44 billion, he resolved to fight for free speech on the platform. Based on this resolve, citizen journalism thrived and many allegedly began to trust reports on X more than mainstream media.
One major thing, however, stood in the way of doing this effectively- advertising revenue. Since his takeover in 2022, many advertisers have left the social media platform. Among the brands that have stopped advertising on the platform include Coca-Cola, Microsoft and Airbnb. As of November 2023, the brand exit cost the X app up to $75 million in <a href="https://coingape.com/elon-musk-x-faces-potential-75-mln-ad-revenue-loss-major-brands-exiting/" target="_blank" rel="noopener noreferrer nofollow">ad revenue</a>.
In order to step up the running of the social media platform, Elon Musk introduced some dramatic changes. First, he laid off a significant number of X staff to save on hiring and operational cost. Afterward, he introduced subscriptions on the X app, pushing users to fund the company directly.
Despite the backlash the move got at the time, the X app has continued to thrive without ad money. With the directed censorship of platforms like X in favor of legacy media, Elon Musk said he hope some states will move to pursue legal actions on the perpetrators.
<blockquote class="twitter-tweet">
 Having seen the evidence unearthed today by Congress, 𝕏 has no choice but to file suit against the perpetrators and collaborators in the advertising boycott racket.
 Hopefully, some states will consider criminal prosecution. <a rel="noopener noreferrer nofollow" href="https://t.co/5W4yf1wxVO">https://t.co/5W4yf1wxVO</a>
 — Elon Musk (@elonmusk) <a rel="noopener noreferrer nofollow" href="https://twitter.com/elonmusk/status/1811360296218341403?ref_src=twsrc%5Etfw">July 11, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="strong-the-push-toward-the-everything-app-strong">The Push Toward The Everything App</h2>
Another major buzz on X is the pivot to become the everything app. Beyond its primary role as a micro-messaging platform, there are plans to introduce X payments for users.
In line with this X payment push, the Elon Musk firm has secured licenses in more than 20 US states. It also recently expanded the licensing to Hawaii and other offshore US regions. While the launch timeline for the <a href="https://coingape.com/elon-musk-x-payments-nears-launch-receives-another-money-transmitter-license//" target="_blank" rel="noopener noreferrer nofollow">X payments</a> remain unknown, the development efforts is not slowing down.
Besides the push toward payment, Elon Musk is also pushing for email service for the platform dubbed <a href="https://coingape.com/elon-musks-x-launch-xmail-competing-google/" target="_blank" rel="noopener noreferrer nofollow">XMail</a>. It remains to be seen whether the billionaire will push through with the lawsuit threat, if he does, it certainly will not be the first time he’s embroiled in high profile legal battle.
Read More: <a href="https://coingape.com/coinbase-launches-web-app-to-unify-user-crypto-experience/" target="_blank" rel="noopener noreferrer nofollow">Coinbase Launches Web App to Unify User Crypto Experience</a>
The post <a href="https://coingape.com/elon-musk-threatens-lawsuit-on-masterminds-of-x-ad-boycott/" rel="noopener noreferrer nofollow">Elon Musk Threatens Lawsuit On Masterminds of X Ad Boycott</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Elon Musk Threatens Lawsuit On Masterminds of X Ad Boycott

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