The platform’s billionaire owner has seen its value plunge as advertisers run shy, revenues drop and user numbers fall
Elon Musk hopes his personal and financial support for Donald Trump will be rewarded if the former US president is re-elected next month.Elon Musk hopes his personal and financial support for Donald Trump will be rewarded if the former US president is re-elected next month.Two years ago, there was some trepidation among advertisers, anti-hate-speech groups and staff about Elon Musk’s acquisition of Twitter.in a reference to its corporate logo.
But under the old Twitter model, those user numbers would be expected to lure in advertisers keen to push their message on a social media site that was valued for its ability to get people talking. X’s chief executive, Linda Yaccarino, an advertising industry veteran, said last year that the historically loss-making platform could turn a profit in 2024, having slashed costs – and said advertisers were returning. The company also has to service a, placed on its balance sheet as part of the financing for the takeover, at a cost of $300m a quarter.
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