Cross-post from https://lemmy.world/post/16743494
While the New York Times reported last week that executives at the beleaguered platform had assured employees that 65 percent of advertisers had returned, documents obtained by Bloomberg show that revenue has overall cratered since owner Elon Musk took over in late 2022.
Now, Musk and CEO Linda Yaccarino are back in damage control mode, trying to scrounge up some much-needed funds at this year’s Cannes Lions festival in southern France. The mercurial billionaire reportedly met with executives from the likes of the NFL, L’Oreal, Qualcomm, and Target, according to new reporting by the NYT.
But whether these measures will help Musk’s hate speech-ridden echo chamber from bleeding hundreds of millions of dollars per quarter remains to be seen.
After all, who could forget that Musk quite literally told advertisers to go fuck themselves in November — fighting words that likely didn’t sit well with the execs he’s now pleading to return to X.
Yeah, but they’re just doing it because they know that Tesla is grossly overvalued, and as soon as he leaves the post the reality distortion bubble bursts and their precious stock will overcorrect into loses. They want some more time to put through the correct paperwork so when they sell right before the bubble burst it doesn’t look like insider trading.