Elon Musk’s ownership of the platform formerly known as Twitter has resulted in a significant drop in ad revenue, with projections indicating a $2.5 billion revenue for this year, down from $4.5 billion in 2021.
The company’s total revenue for 2023 is estimated at $3.4 billion, including subscription sales and licensing deals.
Musk’s controversial actions and statements, including endorsing an antisemitic conspiracy theory, have led to a decline in advertiser confidence and major brands pulling out of advertising on the platform.
“We are not Twitter any longer and not measuring ourselves by old Twitter metrics — both in revenue and user metrics,” Joe Benarroch, X’s head of business operations said.
