Social media platform formerly known as Twitter says 66.3% revenue drop was down to fall in advertising income

X’s revenues and profits collapsed in the UK in the year after Elon Musk took over the social media platform, the company has admitted.

A decline in advertising spending amid concerns about “brand safety and/or content moderation” were cited as the reason for the fall, according to accounts filed this week to Companies House.

Twitter UK Ltd also narrowly averted being struck off last month for failing to file the accounts on time, according to other recent filings to Companies House. It only filed full accounts on Monday for 2023, the year in which it was rebranded as X after Musk’s takeover.

  • Jay@lemmy.caEnglish
    35·
    1 day ago

    Despite its struggles, the value of X soared back earlier this year to the $44bn Musk paid for it and last month his X.AI artificial intelligence firm acquired the business for $33bn.

      • Jay@lemmy.caEnglish
        31·
        1 day ago

        Obviously. But despite not pulling in the money, and Musk virtually destroying it and turning it into a cesspit the value on the books is still up there (despite being arguably overpriced from the start).

        If I were to buy a house and partially burn it down, the value shouldn’t stay the same. It just amazes me that it is still worth so much after what Musk has done to it.

    • grimaferve@fedia.io
      31·
      1 day ago

      I’m not terribly surprised that an AI firm has monetary interest in social media, even one like Xitter. There’s probably no better place to farm data than social media. A search engine maybe?

      (Although I feel like it’s kinda cheating given that he’s basically buying it from himself…)

      • fluxion@lemmy.worldEnglish
        3·
        13 hours ago

        I’m not terribly surprised Musk would use investment money for his AI company to offload his Twitter debt.

        He was always fully capable of using every aspect of Twitter without buying it from himself