Elon Musk disclosed in an employee letter that social media platform X is struggling financially, stating it is "barely breaking even" with stagnant user growth and unimpressive revenue. Despite these challenges, Musk emphasized X's role in influencing national discussions. As the platform faces pressure, financial institutions seek to offload $13 billion of debt from Musk's 2022 acquisition. This comes amid growing competition and user migration to alternative platforms post-election, although X has managed to win back some advertisers through legal measures.
Elon Musk acknowledged that X is "barely breaking even," citing stagnant user growth and unimpressive revenue, while noting its impact on national conversations.
Musk mentioned competitors are adopting X's "commitment to free speech and unbiased truth," hinting at Meta's similar community-centric model.
Bankers from major firms are attempting to offload $13 billion in debt from Musk's acquisition, facing challenges in convincing investors of X's viability.
Following Musk's controversial election involvement, many users left X, but the company managed to bring some advertisers back through legal means.
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