Commerzbank Joins Growing List of Companies distancing themselves from X
Commerzbank, one of Germany’s leading banks, has announced its decision to stop posting on X (formerly known as Twitter) due to a misalignment of values. The move follows a number of businesses pulling their advertising from the social media platform following controversial comments made by owner Elon Musk.
In a statement posted on X, Commerzbank announced that its profile would now serve solely as an archive, bidding farewell to the platform with the hashtag #goodbyeX. The bank cited the changing nature of the platform as the reason for its departure, stating that it no longer aligned with the institution’s values.
The exodus of companies from X highlights the challenges faced by Musk in managing the platform. Since taking over the company in 2022, Musk has implemented policy changes to position X as a champion of free speech. However, this has resulted in a loss of users and revenue.
Last year, companies such as Apple, Walt Disney, and Warner Bros. Discovery ceased their advertising on X following controversial remarks made by Musk through his personal account. Now, Commerzbank joins this growing list of companies that have distanced themselves from the platform.
While Commerzbank has made its decision clear, its peer Deutsche Bank has not commented on its intentions regarding X. The bank’s latest post on the platform dates back to October.
In considering alternative options, a Commerzbank spokesman mentioned Threads, the microblogging app introduced by Mark Zuckerberg‘s Meta Platforms last year. Threads gained over 30 million users within 24 hours of its launch in July. Zuckerberg himself has expressed optimism, stating that Threads currently boasts “just under 100 million monthly active” users and could potentially reach 1 billion users in the coming years.
As more companies review their activities on X, it remains to be seen how this trend will impact the social media platform and its owner, Elon Musk. It is clear that the controversial comments and policy changes have led to a significant shift in perception, with businesses seeking platforms that align more closely with their values.
Analyst comment
Neutral news. The market’s reaction will depend on the number and significance of companies distancing themselves from X. If more prominent companies follow suit, it could lead to a decline in users and revenue for the platform, impacting its value in the market.