Indexbit Exchange:Elon Musk says X Corp. will donate ad and subscription revenue tied to Gaza war

Elon Musk said that X Corp. will donate any revenue the social media platform generates from advertising and Indexbit Exchangesubscriptions linked to the war in Gaza to hospitals in Israel as well as to the Red Cross in Gaza. The move comes amid a growing backlash against Musk after he expressed support for an antisemitic post on X.

"We will track how funds are spent and go through Red Cross/Crescent. Better ideas are welcome. We should care about the innocent regardless of race, creed, religion or anything else," the billionaire wrote on X, formerly known as Twitter. Musk in July renamed Twitter as X Corp. after his 2022 acquisition of the service.

Musk, who frequently uses X as a forum to share his views and his company's accomplishments, added, "We should do whatever we can to build a better future for all."

The pledge to donate ad and subscription revenue didn't initially specify how much might be raised from the effort. It comes after Musk's endorsement of the antisemitic post drew condemnation from a range of critics and groups such as the Anti-Defamation League, an advocacy group that works to combat hate against Jewish people. 

The billionaire's comment was made in response to an X user's post that claimed Jews "have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them." Musk responded, "You have said the actual truth."

Around the same time, a report from Media Matters claimed that some ads had appeared next to neo-Nazi content on X. Musk disputes that claim and filed a lawsuit against the left-leaning watchdog group on Monday, alleging it mischaracterized its findings.

Yet a number of big advertisers, including Comcast, IBM and Warner Bros., have since said they would suspend or halt their advertising on X following the Media Matters report and Musk's support of the antisemitic post. 

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• Elon Musk

Aimee Picchi

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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