X Can't Catch a Break
Just when you thought Elon Musk may be out of the woods, a new document surfaced highlighting how X's revenue has plummeted.
Bummer.
Since X is no longer a publicly traded company, it's hard to really know what's going on behind the scenes. Now that Musk is looking to acquire a money transmitter license for his payment platform idea, new information has been voluntarily given up to state regulators, and we can get a clearer picture.
Up until now, it was only speculation that the company wasn't doing well and hasn't been since October 2022. Unfortunately, these documents prove that it was true.
According to Bloomberg, the documents show that in the first six months after Musk took control of the company, X's revenue fell almost 40 percent, and it lost $456 million in the first quarter of 2023.
While Musk has taken measures to try to raise revenue growth by adding his X Premium subscription plan and a subscription plan for creators, they didn't bring in enough money to close the revenue gap.
Now, he is focusing on his other idea, which is to add a payment system into X, but my assumption is that it still won't bring in the numbers they want to see.
What will, though, is advertisers coming back to the platform, but in order for that to happen, Musk will need to reverse the changes he made over a year ago.
Do you agree that the only way for X to get its groove back is to appeal to its advertisers again? Let us know and continue this conversation on X .
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