NEW YORK - Social media giants Twitter and TikTok are confronting a wave of criticism and facing consequences for the spread of antisemitic content on their platforms. The situation has escalated to the point where major advertisers are withdrawing their support, signaling a growing concern over online hate speech.
The controversy intensified after a Media Matters report highlighted that ads from prominent brands were being placed next to posts containing extreme antisemitism. In response, IBM (NYSE:IBM) withdrew a significant $1 million advertising budget from Twitter, now known as X following Elon Musk's acquisition and appointment of Linda Yaccarino as CEO. The report's findings have prompted other companies to reassess their advertising strategies on the platform.
Elon Musk himself has come under fire for allegedly propagating white nationalist rhetoric, further straining relations with advocacy organizations such as the Anti-Defamation League, which monitors the spread of hate speech.
Meanwhile, TikTok has not been spared from scrutiny. Public figures like comedian Amy Schumer have voiced their concerns about the platform's insufficient moderation of antisemitic comments. The situation worsened when videos surfaced on TikTok glorifying Osama bin Laden and promoting a letter he wrote justifying the 9/11 attacks. These incidents have drawn sharp criticism from government officials and heightened calls for stricter oversight of the content shared on the app.
Amidst these social media controversies, the retail sector is bracing for a challenging holiday season. Industry leaders are predicting deflationary pressures as consumers grapple with rising interest rates and increased debt burdens, which are expected to influence shopping habits.
In other news, labor developments saw the United Auto Workers (U.A.W.) union members display mixed reactions to new contracts with Detroit automakers, with General Motors (NYSE:GM) securing just over half of the union's support in favor of their agreement.
On Capitol Hill, Representative George Santos is facing substantial evidence of illegal campaign fund usage according to findings by the House Ethics Committee. In international business, Alibaba (NYSE:BABA)'s shares suffered after the company paused plans for an initial public offering (I.P.O.) of its cloud computing arm due to U.S.-imposed chip restrictions, reflecting the broader trade tensions that were a topic at the recent APEC summit in San Francisco.
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