X, formerly Twitter, has seen its revenues in the U.K. drop by over 60% following Elon Musk's takeover and subsequent changes in content moderation policies. The company's revenue fell from £205.3 million in 2022 to £69.1 million in 2023, with profit decreasing significantly as well. Musk's management also led to drastic staff reductions, with employee numbers plummeting from 399 to 114. Despite these challenges, X's valuation has reportedly rebounded to its $44 billion acquisition price following its purchase by Musk's X.AI startup.
Revenues and profits for X's UK entity collapsed by over 60% in the year after Musk took it over and changed its moderation controls.
The UK company reported that it continues to take corrective measures to build brand safety tools, invest in platform safety and moderation, and educate advertisers.
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