Musk says he’ll keep tweeting whatever he wants, even if it repels advertisers

“I’m allowed to say what I want,” Elon Musk said yesterday during a CNBC interview with journalist David Faber. Faber had asked Musk about the impact of his personal tweets on Twitter advertisers and other onlookers, pointing to Musk’s most recent tweets, which critics viewed as antisemitic, The Washington Post reported.

In the controversial tweets, Musk compared George Soros, a Jewish-born investor and philanthropist, to Marvel’s Jewish supervillain Magneto and claimed that Soros “hates humanity” and “wants to erode the very fabric of civilization.”

Musk disputed the characterization of these tweets as antisemitic, telling Faber, “I’m like a pro-semite, if anything.” He then made it clear that he didn’t want to talk further about Soros.

Pivoting the conversation, Faber next asked Musk if incoming Twitter CEO Linda Yaccarino might influence Musk to stop tweeting some of his most divisive opinions—especially if those statements alienate advertisers. In response, Musk misquoted the movie Princess Bride, saying, “Offer me money. Offer me power. I don’t care.”

“I’ll say what I want to say, and if the consequence of that is losing money, so be it,” Musk told Faber.

Still, Musk—who historically has not been shy about expressing disdain for advertising—admitted to Faber that Twitter is “very much an advertising-dependent business.” He said that Yaccarino, whom AdWeek once dubbed an “ad sales queen,” would be “incredible” at maintaining that part of Twitter’s business, which he previously sought to decrease Twitter’s reliance on by pivoting to subscriptions.

Many have speculated that Yaccarino will struggle to work with Musk because, as Bloomberg reported in March, “Musk’s own behavior on Twitter” is “one of the biggest barriers” to advertisers “spending more” on Twitter.

That report cited estimates from research firm Pathmatics, showing that according to Sensor Tower data in January and February, there was an 89 percent decline in ad spending from the top 10 Twitter advertisers.

Sensor Tower senior insights analyst Abe Yousef gathered more recent data for Ars, showing that in the first quarter of 2023, six out of the top 10 categories of US advertisers on Twitter spent significantly less on the platform, decreasing ad spending in those categories by a collective average of 53 percent, year over year.

According to Sensor Tower estimates, approximately 42 of the top 100 Twitter advertisers have ceased spending, including brands like Best Buy, Procter & Gamble, Ford, GM, and Volkswagen. Although some brands like Mondelez and Eli Lilly have returned to Twitter, they’re now spending less than they were prior to Musk’s takeover. In April, Sensor Tower estimates show that Mondelez’s spending is down by 84 percent and Eli Lilly’s by 63 percent compared to October 2022. Both of those advertisers were impacted by Twitter’s fake accounts scandal during Twitter Blue’s initial rollout. These declines in advertising spending can be specifically attributed to “internal strife at the company,” Sensor Tower reported, as well as “competitive headwinds” and “a softening ad market.”

However, in the midst of this advertiser exodus and Musk’s continued controversial tweeting, Yaccarino publicly has supported Musk, including tweeting praise for his CNBC interview. This seems to suggest that she’s ready to defend Musk from any brand’s criticism of his personal tweeting—which she has seemingly approvingly called “prolific.”

Twitter does not respond to requests for comment. Ars could not immediately reach Yaccarino for comment.

https://arstechnica.com/?p=1939946