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.