Jan 30 (Reuters) - Amazon.com ( AMZN ) 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.

In 2023, Apple ( AAPL ) also pulled all of its advertising

from X and has recently been in discussions about testing ads on

the platform, the report said.

Several ad agencies, tech and media companies had also

suspended advertising on X following Musk's endorsement of an

antisemitic post that falsely accused members of the Jewish

community of inciting hatred against white people.

Monthly U.S. ad revenue at social media platform X has

declined by at least 55% year-over-year each month since Musk

bought the company, formerly known as Twitter, in October 2022.

He had acknowledged that an extended boycott by advertisers

could bankrupt X.

Musk has become one of the most influential figures

following President Donald Trump's re-election. He now leads the

Department of Government Efficiency, which aims to cut $2

trillion in government spending.