(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.