Elon Musk's First Year as Owner of X: Usage Declines and Revenue Slumps
One year after Elon Musk acquired Twitter and renamed it "X," the platform has seen a decline in users and ad revenue. Monthly active users dropped 15% worldwide and 18% in the U.S., while mobile daily active users dropped 16% to 183 million. Ad spending on X/Twitter by major agencies dropped 54%. Musk's controversial decisions, including reinstating banned accounts and his own bizarre posts, have made advertisers wary. Musk plans to transform X into a platform that encompasses everything, including financial payments. Despite claims of progress, the future of X's financial stability remains uncertain.