They pulled ads back in October, according to their statement in the article, so it seems to me like this is more a sign of how big companies are no longer seeing X as being worth the money to advertise there.
And the fact that they did this in October and no one noticed until now says they made the right choice. They weren’t getting enough eyes on their ads anymore and quietly dropped them.
I bet a lot of the companies that dropped advertising on X were already planning to do so before Elon opened his big mouth.
Is this like the opposite of "go woke go broke"? It sure seems like you lose more money being a hate monger as a public company, or maybe that's just Musk?