Internal documents obtained by The New York Times reveal that Twitter is on track to lose a staggering $75 million in advertising revenue by the end of the year. The documents, sourced from Twitter’s Salesforce X, highlight the impact of over 200 ad campaigns, including those from major players like Airbnb, Amazon, Coca-Cola, and Microsoft, many of which have either halted or are contemplating the suspension of their advertising on the platform.

Despite Twitter’s initial claim that $11 million was at risk, ongoing scrutiny surrounding Elon Musk’s ownership of Twitter has led to a deeper crisis. Brands have expressed reservations due to concerns about Musk’s behavior and content moderation decisions, leading to a nearly 60% decline in advertising on the platform this year.

Internal reports indicate that more than 100 brands have completely suspended their advertising, with dozens more in a precarious position. Notably, the fallout intensified after Musk endorsed an anti-Semitic conspiracy theory on Nov. 15, sparking a wave of advertiser withdrawals.

Prominent brands, including Airbnb and Uber, have ceased campaigns worth over a million dollars each. Netflix, Coca-Cola, and Microsoft subsidiaries are also among those pausing significant ad spends, collectively contributing to the projected $75 million loss.

Twitter’s CEO, Linda Iaccarino of Salesforce X, addressed internal challenges during a recent meeting but made no direct mention of Musk’s controversial endorsement. Instead, she attributed the company’s woes to a Media Matters report, indicating ads from major companies appearing alongside Nazi content.

Iaccarino emphasized Twitter’s commitment to free speech and democracy, insisting that the platform would not succumb to external pressure. Meanwhile, Musk continues to draw attention to companies still advertising on Twitter, promising to donate revenue related to the Gaza war to hospitals in Israel and the Red Cross/Crescent of Gaza, a move met with both support and skepticism in the wake of the ongoing advertising crisis.