Elon Musk has admitted that X is facing significant financial challenges, stating in a letter to employees that user growth is stagnant and revenue is unimpressive, leading the platform to barely break even. Despite these issues, he emphasizes X's role in shaping national discussions. The company is currently navigating a precarious financial situation with over $13 billion in debt from Musk's 2022 acquisition. Advertiser departures and Musk's controversial remarks have further compounded the platform's struggles, driving users towards competitors like Bluesky, which has seen expansive growth, while X's future remains uncertain in a competitive social media landscape.
X is 'barely breaking even,' Elon Musk said in a letter to employees, acknowledging stagnant user growth and unimpressive revenue, while highlighting X's influence on national conversations.
Financial struggles for X come as major banks seek investors to offload $13 billion in debt from Musk's takeover, faced with skepticism about the platform's long-term viability.
Musk's 'go fuck yourself' remark towards brands leaving over content concerns, along with his support for Trump, has driven users to alternative platforms and exacerbated X's troubles.
With advertisers exiting over content issues, and Musk's lawsuit against them ongoing, X struggles to regain footing amidst rising competitors like Bluesky and Meta's Threads.
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