Elon Musk acknowledged in a staff email that the social media platform X, previously known as Twitter, is experiencing stagnant growth and unimpressive revenue. Following his $44 billion acquisition, the platform's valuation plummeted to $12.32 billion according to Fidelity. While X experienced a drop in users, particularly after losing some to competitors like Bluesky and Threads, it managed to offset these losses and maintain a daily user count of 25 million in the U.S. Musk also noted that other platforms have started to imitate X's content moderation approach, emphasizing a commitment to free speech.
"Over the last few months, we've witnessed the power of X in shaping national conversations and outcomes," Musk wrote in his email.
Musk stated that growth on his platform is 'stagnant' and revenue is 'unimpressive', adding, 'And we're barely breaking even.'
Fidelity valued the platform at $12.32 billion—72% less than Musk's purchase price of $44 billion.
Musk pointed to other platforms adopting similar policies to X, noting, 'We are also seeing other platforms begin to adopt our commitment to free speech and unbiased truth.'
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