Amazon is ramping up ad spending on Elon Musk’s X, according to people familiar with the situation, a major shift after pulling much of its advertising more than a year ago, when many brands had concerns about hate speech on the platform.

Amazon.com is increasing its advertising on billionaire Elon Musk's social media platform X, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The major shift comes after the e-commerce giant withdrew much of its advertising from the platform more than a year ago due to concerns over hate speech.

The Tesla CEO's net worth fell by around $4 billion yesterday, however, according to the Bloomberg Billionaire Index.