In a recent announcement, Walmart, the largest retailer in the US, revealed that it will no longer advertise on Elon Musk's social media platform, X (formerly known as Twitter). This decision comes in the wake of several other major companies, including Disney, Apple, IBM, and Warner Bros, pulling their ads from the platform after Musk seemingly endorsed an antisemitic post.

According to a spokesperson from Walmart, the company has chosen to explore other platforms that are more effective in reaching their customers. This move aligns Walmart with a growing list of advertisers who no longer see X as a viable advertising space.

However, X's head of business operations, Joe Benarroch, clarified that the company had already stopped advertising on X in October, indicating that this decision was not recent. In response to the news, Musk took a dig at Walmart on Friday by replying to a tweet, stating his preference for HEB.

Musk further expressed his frustration at the recent defection of major advertisers during the DealBook Summit this week. He voiced concerns that their departure could potentially "kill" X. Lina Yaccarino, X's CEO, sent a company-wide memo supporting Musk's stance, emphasizing that X's principles were non-negotiable.

Musk has since acknowledged that the endorsement of the antisemitic post was a mistake, calling it "one of the most foolish things" he had done on the platform. As a result, X may face a significant loss in ad revenue, with The New York Times forecasting a potential decline of up to $75 million by the end of 2023.

The impact of Musk's X comments has extended beyond the social media platform, as investor Ross Gerber raised concerns about the negative impact on Tesla's brand. Gerber expressed astonishment at the detrimental actions of a CEO towards his own brand, stating that he had never witnessed similar behavior with any other company he had invested in.

Despite the growing backlash, Walmart has yet to provide a comment on the matter. Business Insider's request for comment was submitted outside of regular working hours and the company did not immediately respond.

As the fallout continues, the decision by these major companies to withdraw their advertising from X highlights the power and influence that CEOs and their platform endorsements have over advertisers' perception of brand safety and values.