Kevin O’Leary Has Given Up on X, Says It’s ‘A Cesspool’

Kevin O’Leary, the Canadian entrepreneur, self-proclaimed investment guru, FTX influencer, and famed Shark Tank judge, is joining a long list of companies swearing off X advertising, proclaiming on Threads on Tuesday that X is “the only social media platform that’s declining in America.”

But O’Leary, who claims to spend a monthly advertising budget of $2 million across his 40 companies, isn’t doing it because of Musk’s erratic behavior and alleged antisemitism, like many of those who walked away from the platform in the past month, but simply because it’s not a great place to run ads.

“It was not giving my companies a good CAC [customer acquisition cost] and Return on Ad Spend,” he wrote, adding that he has “high hopes for Elon to fix it, but right now, Twitter/X is a cesspool.”

Via Threads

X advertising has been on a downward spiral since Musk’s takeover last year. The first advertiser exodus was a response to Musk’s “radical” leadership which included cutting a laying off a significant portion of the company, including its moderation team.

One of the reasons Musk acquired X, then known as Twitter, was because he wanted to get rid of the bots. But, after over a year, X has grown into a — as O’Leary puts it — a cesspool, filled with hate and problematic content.

The most recent advertiser exodus was triggered by a Media Matters report that found ads from companies like IBM, Apple, Oracle, and Comcast’s Xfinity were being displayed alongside antisemitic content. Musk has called the report a “fraudulent attack,” but his behavior has not stopped advertisers from leaving the platform.  

According to a recent report from the New York Times, X is facing losses of up to $75 million in advertising revenue by the end of the year.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

America Uses More Copper Than It Makes | Simon Quick – Canadian Copper

Gold Bulls Run Faster Than New Mines?! | Thomas Mumford – Scottie Resources

Is This the Start of a New Gold Rush | Russell Ashton – Juggernaut Exploration

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

Is Elon Musk Going to Sell More Tesla Stock to Keep X Afloat?

Financial troubles at Elon Musk’s social media platform X, formerly known as Twitter, could have...

Monday, August 19, 2024, 02:58:00 PM

Texas Attorney General Launches Fraud Probe into Media Matters as Elon Musk Files ‘Thermonuclear’ Lawsuit

Texas Attorney General Ken Paxton has launched a fraud investigation into Media Matters for America...

Tuesday, November 21, 2023, 12:38:00 PM

CBC Commits a Chart Crime in Representing its Funding and Revenue Sources

CBC, which on Sunday received the “Government-funded Media” label on Twitter thanks to a campaign...

Wednesday, April 19, 2023, 11:10:00 AM

Elon Musk Lost $27 Billion Amid Market-Wide Tech Selloff

It appears that Musk has slipped even further away from the title of the world’s...

Monday, March 8, 2021, 10:37:00 AM

‘The Big Short’ Michael Burry: Tesla’s Bitcoin Purchase Was A Distraction From Quality Control Complaints

Michael Burry, the infamous hedge fund manager who successfully predicted the US housing market collapse...

Wednesday, February 10, 2021, 05:39:00 PM