Elon Musk hits back at Disney, others for pulling ad spending

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including fresh inflation data and Elon Musk hitting back at companies that pulled ad spending on X.

Transcript

00:00 I'm J.D. Durkin reporting from the New York Stock Exchange and here is a look at what

00:03 we are watching on the street today.

00:06 Investors are reacting to fresh inflation data which came roughly in line with expectations.

00:11 The Personal Consumption Expenditures Report, or PCE, measures prices that consumers are

00:16 paying for goods and services.

00:18 The U.S. Federal Reserve typically pays closest attention to this figure and investors are

00:23 hoping this could give the central bank more reason to hold interest rates steady.

00:27 In other news, Elon Musk is hitting back at companies that have pulled ad spending from

00:31 his ex-platform.

00:33 Speaking at the 2023 Dealbook Summit in New York, when asked about the pullback in ad

00:38 spending, Musk said, "If somebody is going to try and blackmail me with advertising,

00:43 blackmail me with money, go F yourself.

00:47 Go F yourself.

00:48 Is that clear?

00:49 Hey, Bob, if you're in the audience, that's how I feel."

00:53 The Bob that Elon Musk was referring to, of course, is Disney CEO Bob Iger.

00:58 Big names like Disney, IBM, and Apple all halted their ex-ad spending in part because

01:02 of concerns regarding pro-Nazi content on the platform, along with Elon Musk seeming

01:08 to support an anti-Semitic conspiracy theory on ex.

01:12 The New York Times reported the ad freeze could cost ex up to $75 million this quarter.

01:17 However, Elon Musk apologized for his actions, calling his tweets "one of the most foolish,

01:22 if not the most foolish thing I've ever done on the platform."

01:26 Musk has more than 165 million followers on ex.

01:31 That'll do it for your daily briefing.

01:32 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

01:35 [BLANK_AUDIO]

Category

Transcript

Recommended