Elon Musk lashed out at advertisers fleeing his platform X, formerly Twitter, after his endorsement of an antisemitic post upstarted an ad exodus. Beacon CEO James Anderson calls Musk's explicit response to top sponsors nothing short of a "disaster," given X's ad-based business model. Anderson explains distinguished brands and companies pulling ads will affect X's financial footing, leaving less attractive direct-response advertisers to fill the void, comparing them to low-budget ads you may see on "late-night TV." However, Anderson doubts lower-tier advertisers will make up for lost spending from larger companies like Apple (APPL) and Disney (DIS). For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Elon Musk lashed out at advertisers fleeing his platform X, formerly Twitter, after his endorsement of an antisemitic post upstarted an ad exodus. Beacon CEO James Anderson calls Musk's explicit response to top sponsors nothing short of a "disaster," given X's ad-based business model.
Anderson explains distinguished brands and companies pulling ads will affect X's financial footing, leaving less attractive direct-response advertisers to fill the void, comparing them to low-budget ads you may see on "late-night TV." However, Anderson doubts lower-tier advertisers will make up for lost spending from larger companies like Apple (APPL) and Disney (DIS).
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Associated Press Finance
Billionaire Elon Musk said Wednesday that advertisers who have halted spending on his social media platform X in response to antisemitic and other hateful material are engaging in “blackmail” and, using a profanity, essentially told them to go away. “Don't advertise,” Musk said. In an on-stage interview at The New York Times DealBook Summit, Musk also apologized for endorsing an antisemitic conspiracy theory in response to a post on X that helped fuel an advertiser exodus.
Reuters
Federal Reserve policymakers signaled on Thursday the U.S. central bank's interest rate hikes are likely over, but held the door open to further monetary policy tightening should progress on inflation stall, and pushed back on market expectations that there will be a quick pivot to rate cuts. "Policy is in a very good place," San Francisco Fed President Mary Daly told the German newspaper Borsen-Zeitung in an interview published on Thursday, adding that she has found the latest inflation data "encouraging" and noting her "base case" does not call for any further rate hikes. Still, she said, it is "too early to know" if the Fed, which has raised its policy rate by 5.25 percentage points in the last 20 months, is finished with the rate increases.
Associated Press Finance
Electric vehicles have proved far less reliable, on average, than gasoline-powered cars, trucks and SUVs, according to the latest survey by Consumer Reports, which found that EVs from the 2021 through 2023 model years encountered nearly 80% more problems than did vehicles propelled by internal combustion engines. Consumer Reports said EV owners most frequently reported troubles with battery and charging systems as well as flaws in how the vehicles’ body panels and interior parts fit together. The magazine and website noted that EV manufacturers are still learning to construct completely new power systems, and it suggested that as they do, the overall reliability of electric vehicles should improve.
Bloomberg
(Bloomberg) -- OPEC+ agreed to deepen its production cuts following a slump in crude prices and predictions of a renewed surplus next year. Most Read from BloombergSaudi Arabia Offers Iran Investment to Blunt Gaza WarThese Are the World's Most Expensive Cities to Live In Right NowBiggest Blowout in Bonds Since the 1980s Sparks Everything RallyKissinger, Diplomat Who Defined US Foreign Policy, Dies at 100Charlie Munger, Who Helped Buffett Build Berkshire, Dies at 99Members of the group agreed to
Bloomberg
(Bloomberg) -- Bank profits fell in the third quarter despite the booming economy, according to data from a top US regulator, which flagged risks that include inflation, rising interest rates, geopolitics and a shaky office real estate market.Most Read from BloombergSaudi Arabia Offers Iran Investment to Blunt Gaza WarCharlie Munger, Who Helped Buffett Build Berkshire, Dies at 99Bill Ackman Bets Fed Will Cut Interest Rates as Soon as First QuarterBond Yields Fall on Signs Fed Is in ‘Sweet Spot’:
TechCrunch
Elon Musk said "go fuck yourself" to advertisers who recently paused spending on X after he endorsed an antisemitic conspiracy theory on the platform. Onstage at the DealBook conference, Andrew Ross Sorkin asked the X owner about these pauses in advertising. Musk replied, "Don't advertise."
The Wall Street Journal
TELEVISION PERSONALITY Gayle King began honing her interview skills as a child in Chevy Chase, Md. “I was always a very inquisitive kid, and that hasn’t changed,” said King, now 68, who splits her time as a co-host of CBS Mornings and an editor at large for Oprah Daily. Today, she adds a new prime-time CNN news show to her résumé, “King Charles,” which she hosts with sportscaster Charles Barkley. For many years, King was best known as a much-referenced pal of Oprah Winfrey, whom she met in Baltimore in 1976 when both worked in local news.
Associated Press Finance
Sports Illustrated is the latest media company to see its reputation damaged by being less than forthcoming — if not outright dishonest — about who or what is writing its stories at the dawn of the artificial intelligence age. Earlier this year, experiments with AI went awry at both the Gannett newspaper chain and the CNET technology website. Many companies are testing the new technology at a time when human workers fear it could cost jobs.
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