I think the counter-argument is that if advertisers choose not to buy ads from him, it must be because something something woke activists.
I wouldn't be surprised if he knows that advertisers have other valid reasons for not wanting to place their brands on his site, but that he's playing to the far-right base anyway.
For example, he used the number "88" in a hostile back-and-forth with Alex Vindeman yesterday, a pretty clear dog whistle.
https://twitter.com/JustSchmeltzer/status/159723568323130982...