No, we’re not eighty to ninety years behind the times: according to the owner of Tesla, SpaceX, and Twitter, the Anti-Defamation League (ADL) has caused the value of Twitter’s parent company X to fall by $22 billion…

The world’s richest man blames the ADL for halving Twitter’s (or X’s…) value because he bought it for $44 billion last year, and now the company’s value has fallen by 22. Musk says it’s ironic that he has to sue the ADL for defamation to clear the company’s record on anti-Semitism. It should be added that in 2000, in another defamation lawsuit in Colorado, USA, a judge ordered the ADL to pay $10.5 million. Elon Musk responded that in his case, he could sue the Jewish advocacy group for destroying half of his company, or $22 billion.

We previously mentioned that in the first quarter of 2023, 37 of Twitter’s top 100 advertisers spent no money on advertising, while 24 of the remaining 63 reduced their ad budgets by around 80%. Advertisers have justified it as a necessary step to review Twitter’s content monetization policy under Elon Musk. According to Musk, the ADL is behind the drop in the company’s revenue after listening to advertisers. He sees no scenario in which the league is responsible for less than 10% (~$4 billion) of the loss in value, and the exploration of the communications documents between ADL and advertisers will reveal the whole story. Most of the big advertisers could continue operating in the second quarter (and it’s no coincidence that Twitter recently allowed political ads…). So Musk estimates a loss of $4-22 billion…

According to Twitter’s owner, advertisers don’t want to be in a contentious situation, so all the ADL has to do is make unfounded accusations that the company is losing advertising revenue in the US and Europe. The league does not have as much power in Asia, so Twitter remains in a strong position there. The “controversy,” he says, will lead to advertisers pausing ads, but that will continue until the ADL gives them the green light, but that won’t happen unless the social platform secretly suspends (or bans) accounts that the league doesn’t like. They have had such a relationship with Twitter for years, and it might be the same with other social media and search engines.

Musk then shared a documentary from NPR (National Public Radio) showing the alleged discrediting methods from the ADL. Still, the reactions were not spared: this tweet says that blaming the ADL and Jews for destroying the value of the platform is “quite a take.” We’ll just say that Musk has let Kanye West back on Twitter. And the rapper is a proven anti-Semite…

Perhaps that’s why their US ad revenue is down 60%…

Source: WCCFTech