Musk's Influence: Marketers Return to X Amid Political Shifts
1min read Some marketers are considering a return to the social media platform to gain favor with the incoming administration, as its owner, Musk, is expected to have an influential role in a potential second Trump White House.
Lou Paskalis, CEO of marketing consultancy AJL Advisory and former media executive at Bank of America, mentioned that some marketers might redirect their spending back to X for political leverage, especially if they are pursuing government contracts. He noted that companies aim to get into Elon Musk's good graces.
Musk has predicted a resurgence for X's business after strongly supporting Trump's campaign through the platform and contributing over $100 million in political donations. Some of the boycott is starting to lift, he told podcaster Joe Rogan before the US elections.
Data shows that only seven of the top 200 advertisers on X, who stopped ad spending in the last quarter of 2022, have returned in 2024. They have mostly been replaced by new advertisers or those that didn't exist in 2022, spending significantly less than previous marketers.
X reported that nearly 90% of the company's top 100 advertisers from 2023 are currently active on the platform, with half of them increasing their spending year over year.