Despite significant business challenges, X managed to maintain its debt interest payments, even as major advertisers reduced their spending significantly since Elon Musk's acquisition.
Total ad spending on X decreased by 68% among the top 100 advertisers in H1 of 2024 compared to the same period in 2022, highlighting declining advertiser confidence.
Only 7 out of the top 200 advertisers who stopped spending on X in late 2022 have returned in 2024, replaced largely by new advertisers spending less.
Elon Musk has directly engaged with the CEOs of brands to express dissatisfaction with their advertising pullback and has initiated a lawsuit alleging collusion against X.
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