US Markets
Wednesday, June 19th, 2024 6:40 pm EDT
Key Points
- Elon Musk clarified his controversial remarks about advertisers, stating they were intended as a stance on free speech rather than a direct attack on the advertising industry.
- Musk emphasized the importance of X as a free speech platform, even if it means losing advertising revenue, and criticized advertisers who demanded censorship.
- Musk acknowledged advertisers’ rights to avoid content misaligned with their brands, while stressing that X must balance this with its commitment to free speech within legal boundaries.
At the Cannes Lions advertising festival in France, Elon Musk attempted to clarify previous comments where he harshly addressed advertisers considering pulling their ads from his social media platform, X. Responding to a question from WPP CEO Mark Read about his remark telling advertisers to “go f— yourself,” Musk explained that his comment was intended as a general stance on free speech, not a direct attack on the entire advertising industry. He emphasized the importance of maintaining a global free speech platform, where diverse opinions can be expressed without censorship, even at the cost of losing advertising revenue. Musk reiterated that if forced to choose between censorship for profit and supporting free speech, he would prioritize the latter as the morally right decision.
Musk’s appearance at Cannes, accompanied by X’s CEO Linda Yaccarino, aimed to reassure advertising groups and global brands about the platform’s future. This came after major advertisers like Apple, IBM, Disney, and Sony withdrew their ads from X due to Musk’s controversial comments and instances of ads appearing alongside toxic content. Last November, Musk had traveled to Israel to address accusations from civil rights groups that he was amplifying anti-Jewish hatred on X. When questioned if this trip was an “apology tour” to advertisers, Musk firmly stated that those threatening to halt ad spending should stop advertising on X, doubling down on his free speech commitment.
During his Cannes address, Musk softened his stance, acknowledging that advertisers have the right to avoid content that misaligns with their brands. However, he criticized the demand from some advertisers that no content they disagree with should exist on the platform. Musk argued that for X to function as a global public square, it must uphold free speech within legal boundaries. This nuanced position aimed to balance the need for a free speech platform with advertisers’ concerns about brand safety and content compatibility.
Musk’s clarification sought to mend relations with the advertising community, highlighting his belief in the fundamental importance of free speech while also recognizing advertisers’ rights to choose appropriate content associations. This effort to build bridges at Cannes came amidst ongoing tensions between Musk’s vision for X and the commercial interests of advertisers wary of controversial content and brand safety issues.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/06/19/elon-musk-softens-go-f-yourself-comment-to-woo-advertisers.html
