Elon Musk’s SpaceX buys ad package on billionaire’s Twitter platform for Starlink – National | Globalnews.ca

SpaceX has bought an advertising package on Twitter for its satellite internet service Starlink, said Elon Musk, who owns both the rocket company and the social media platform, in a tweet on Monday.

“SpaceX Starlink bought a tiny – not large – ad package to test effectiveness of Twitter advertising in Australia & Spain. Did same for FB/Insta/Google,” Musk tweeted.

The move comes at a time when Twitter, which generated more than 90 per cent of its second-quarter revenue from ad sales, is seeing an exodus of advertisers on fears that Musk would bring changes to the company’s content moderation rules.

Since he bought the company last month, several companies including General Motors Co., General Mills, Mondelez International and Volkswagen have paused advertising on the platform.

The chief executive of Tesla Inc. and SpaceX had last week told advertisers that he aimed to turn the social media platform to pursue truth and put an end to fake accounts.

He also raised the possibility of Twitter going bankrupt days after he said the platform saw a “massive” drop in revenue and blamed activist groups pressuring advertisers.

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Meanwhile, Tesla shares fell about two per cent in premarket trading after Musk said, “I have too much work on my plate that is for sure,” when asked about his leadership at the EV maker and Twitter.

Shares of the world’s most valuable automaker has been under pressure ever since Musk moved to buy Twitter in April on worries that he might be getting distracted at a time when Tesla is struggling to meet demand due to production constraints.