Amazon increases ad spending on X in major reversal: report

Amazon has increased its ad spending on X, which is owned by Elon Musk, more than a year after it removed many of its advertisements from the platform, according to a report. 

Other companies like Apple cut some or all of their spending over concerns of rising hate speech after Elon Musk, a confidante of President Donald Trump and head of the Department of Government Efficiency, bought the platform in 2022. 

Musk has called himself a “free speech absolutist.” 

Apple, which cut all of its spending on X in 2023, is now reevaluating, as are other brands, The Wall Street Journal reported. 

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But some companies are returning to the platform with ad buys still much lower than before Musk bought Twitter, which he renamed X, according to the Journal. 

Amazon founder Jeff Bezos and other tech CEOs, like Meta CEO Mark Zuckerberg, Apple head Tim Cook and Google CEO Sundar Pichai, all attended Trump’s inauguration last week, and Amazon, Meta and Apple all donated to Trump’s inaugural committee. 

New ad revenue could be crucial for X, which is still struggling after Musk bought it for $44 billion. 

“Our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even,” Musk revealed in a letter this month to staff, the Journal reported, adding that Musk has denied sending the email. 

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Last summer, X filed a federal antitrust lawsuit against the Global Alliance for Responsible Media, the World Federation of Advertisers (WFA) and GARM members CVS Health, Mars, Orsted and Unilever, alleging an illegal ad boycott of the platform. 

FOX Business has reached out to Amazon for comment.