Billionaire Elon Musk’s latest fetish, Twitter, has reportedly earned back the support of several companies that have either started advertising on the platform or will resume soon. Among these are the two most notable corporations: e-commerce giant Amazon.com (NASDAQ:AMZN) and iPhone maker Apple Inc. (NASDAQ:AAPL).
Musk even acknowledged the companies by tweeting, “Just a note to thank advertisers for returning to Twitter.” Twitter earns massive revenue from advertising, and a pullback by advertisers was pressuring its finances with the possibility of bankruptcy, as stated by Musk earlier.
As per a Platformer report, Amazon plans to spend roughly $100 million per year on advertising on Twitter after a few security glitches are resolved. The report even stated that Twitter is offering double incentives to advertisers who are willing to spend over $500,000 per year on the platform.
Additionally, Musk noted that Apple, which is the biggest advertiser on the microblogging site, has “fully resumed” advertising.
After clashing with Apple’s CEO Tim Cook over the company’s content moderation and free speech stance, Musk had a tête-à-tête with Cook. The world’s two most powerful CEOs appear to have resolved their differences and decided to carry on business as usual.
Musk’s Twitter takeover was followed by an exodus of advertisers, mostly out of concern over content moderation policies. On the other hand, Musk’s gimmicks on Twitter continue to have an overhang on his electric vehicle (EV) venture, Tesla Inc. (NASDAQ:TSLA).
What is the Future Stock Price of Tesla?
On TipRanks, the average Tesla stock prediction is $303.72, which implies 55.9% upside potential from current levels. Also, analysts have a Moderate Buy consensus rating on TSLA stock based on 18 Buys, eight Holds, and two Sells. Meanwhile, the stock has lost 51.3% so far this year.
Despite the current weakness, Tesla’s financials remain robust. Musk has demonstrated his ability to steer the company efficiently in the past, and he can do so in the future.