IBM announced on Thursday that will suspend its advertisements on X (formerly Twitter) after reports of the company's ads appearing next to anti-Semitic content.
The computing giant affirmed it has "zero tolerance for hate speech and discrimination" and will be conducting its investigations into the "unacceptable situation."
IBM's decision follows after media watchdog Media Matters "recently found ads for Apple, Bravo, Oracle, Xfinity, and IBM next to posts that tout Hitler and his Nazi Party on X."
In response, X said it is not "intentionally placing a brand actively" next to pro-Nazi accounts and content.
The platform has since removed monetization for the accounts, meaning ads will not appear on the posts anymore. Many of the accounts reported remain active.
Several other firms have stopped running advertisements on the platform since Elon Musk bought the social media last year.
Musk himself recently drew flak after boosting anti-Semitic posts claiming that Jewish people are pushing "dialectal hatred" against whites. He also later criticized the Anti-Defamation League.
Musk has 163.3 million followers on the platform.
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Disinformation and Right-wing Content on Elon Musk's X
Current X CEO Linda Yaccarino has been attempting to win back advertisers on the site amid a worsening misinformation climate since Musk took over the site.
Many researchers and advocacy groups published reports on the rise of controversial topics on the site. X repeatedly disputed the claims.
Yaccarino said X has been "extremely clear" in fighting disinformation and discrimination on social media.
At the same time, X lifted its political ads ban on the platform last August. The ban policy has been in place since 2019.
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Elon Musk's X Profit and User Count
Along with the increasing difficulties navigating the platform, X reported lower revenue figures.
The company generated $4.4 billion in 2022, 11% down from its profits in 2021.
Business experts predict that the company will face bigger losses in 2023.
Despite the low profits, Musk claims that the site now has 540 million active users compared to the 360 million monthly active users in 2022.
Musk bought Twitter for $44 billion, including $33.5 billion in equity, in April last year. The Tesla CEO admitted that he has yet to recover the money used.
