X, the social media company formerly known as Twitter, is expecting to rake in about $2.5 billion in ad revenue in 2023, short of both its internal estimates and what it has reported in years past, according to a report from Bloomberg. In a statement to Bloomberg, Joe Benarroch, head of business operations for X, argues that the numbers are an "incomplete view" of where the business currently stands. Yahoo Finance Live breaks down the report. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
X, the social media company formerly known as Twitter, is expecting to rake in about $2.5 billion in ad revenue in 2023, short of both its internal estimates and what it has reported in years past, according to a report from Bloomberg. In a statement to Bloomberg, Joe Benarroch, head of business operations for X, argues that the numbers are an "incomplete view" of where the business currently stands. Yahoo Finance Live breaks down the report.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Reuters
Several companies including Comcast and Walt Disney paused their advertisements on the platform after Musk last month agreed with a post on X, formerly Twitter, that claimed Jewish people were stoking hatred against white people. Joe Benarroch, head of business operations at X, told Reuters the report "presents an incomplete view of our entire business, as the sources Bloomberg relied on for information are not providing accurate and comprehensive details". The company generated a little more than $600 million in advertising revenue in each of the first three quarters of 2023, and expects a similar performance in the current period, the report added citing people familiar with the matter.
Associated Press Finance
Attorneys for Gov. Ron DeSantis are asking a federal judge on Tuesday to dismiss a free speech lawsuit filed by Disney after the Florida governor took over Walt Disney World's governing district in retaliation for the company opposing a state law that banned classroom lessons on sexual orientation and gender identity in early grades. The planned hearing is the first time oral arguments are being made in federal court in Tallahassee over Disney's claim that DeSantis used state powers to punish the entertainment giant in violation of the First Amendment. The governor's attorneys are arguing that the case should be dismissed, claiming DeSantis is immune since he doesn't enforce any of the laws that removed supervision of the government from Disney supporters.
South China Morning Post
Social media users were quick to pile on to US President Joe Biden after he compounded his reputation for gaffes by confusing a long-dead Chinese leader for the incumbent. Biden made the slip while promoting his economic policy on a stop at a wind tower manufacturer in Colorado late last month, according to footage posted online. "I've said this to Deng Xiaoping in the Himalayas, and I've said this to every world leader: It's never, never, never been a good bet to bet against the American people
South China Morning Post
Saudi Arabia's investment minister called for further facilitation on green transition collaborations with Chinese companies in Beijing on Tuesday, with bilateral trade and business exchanges in full swing amid their fraying relations with the West. The Gulf state is striving to catch up on the global wave of clean energy transition, which provides China, a leader in the global new energy sector, an opportunity to grow investment and involvement in the region's renewables development and beyond,
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