As Elon Musk continues to shake up the social media landscape with his controversial leadership of X (formerly Twitter), a growing number of advertisers are planning to cut back or completely halt spending on the platform in the coming year.

This shift is driven by concerns over the platform’s declining user base, increasing misinformation, and overall instability under Musk’s leadership. Brands are hesitant to associate themselves with a platform known for its volatile environment, especially considering the recent surge in hateful content and the spread of misinformation.

“We’re seeing a lot of brands reassessing their strategy,” says a senior marketing executive at a major agency, speaking on condition of anonymity. “The uncertainty around X’s future and the declining trust make it a risky investment for many brands.”

The potential exodus of advertisers could be a major blow for X, which heavily relies on ad revenue. The platform is already facing financial challenges, with some analysts predicting a significant drop in revenue in 2024. This trend could force Musk to make drastic changes, potentially including new monetization strategies or even layoffs.

While some brands remain optimistic about the potential of X, the overall sentiment is shifting towards caution. With uncertainty looming large, advertisers are seeking safer and more reliable platforms to reach their target audiences. The future of X remains uncertain, but the current trend suggests a bleak outlook for the platform in the coming years.