Elon Musk's tumultuous $44 billion Twitter takeover dominated headlines in 2022.
But behind the personalities and politics, his rebranded X platform now undergoes a 2024 battling stalled ads revenue, executive turnover, and moderation controversies.
Read on for the latest X statistics to know the app's monthly active users, financial performance, and ads reach in 2024.
X in Elon Musk's Era: A Snapshot of Usage Metrics
Tesla CEO Elon Musk acquired Twitter in October 2022, mentioning he was to “enhance” free speech and eliminate bots.
Since then, the platform (now rebranded as X) has seen significant changes.
But core usage remains high. Recent statistics shared by Musk and X's current CEO, Linda Yaccarino, include:
- People now spend 14% more time on X.
- Video consumption has surged by 20%.
- Gen Z dominates the user base.
- The platform experiences 100 billion impressions daily, indicating its widespread influence.
These are the official data. However, the reality is that although X usage remains relatively stable, not all indicators have increased.
X daily users
According to data from The Information, X had an average of 245 million daily active mobile users in September 2023.
Despite X CEO Linda Yaccarino's claim of "half a billion users worldwide showing up multiple times a day," the recent report puts X behind Snapchat's 385 million and YouTube's 2 billion daily users.
Yaccarino stated that X added more than 10 million users in December 2023.
Daily posts shared in X
According to a recent statistic offered by the company, X users are generating 500 million posts per day.
However, Elon Musk revealed only about 100 million represent original posts.
The remainder is replies, quote posts, and reposts, which means 300 million reshares or repurposed content daily.
Drop in original posts published on X
A stark difference has emerged in the number of posts generated daily on X over the past decade.
In September 2023, CEO Elon Musk stated that X saw between 100 and 200 million daily posts, not including retweets or reposts.
According to TechCrunch, the lower number from Musk gained attention as further evidence of declining X usage. A decade ago, in 2013, Twitter noted an average of 500 million daily original tweets.
If Musk's 100-200 million figure excludes reshares, it could represent a 60% or more significant drop in original content creation by X users over ten years.
X's global web traffic in 2023
Similarweb reported a 14% year-over-year decline in global web visits for social platform X (formerly Twitter) by September 2023.
According to the study, X's largest market, the U.S., saw an even steeper 19% drop in traffic during the same period.
Mobile activity also fell by nearly 18% among U.S. iOS and Android users.
Across other major countries, the trends remain similarly negative. The UK, France, Germany, and Australia witnessed double-digit decreases between 11-18% in web users and engagement flow.
X mobile app downloads in 2023
Market research confirmed X suffered drastic mobile usage declines since its acquisition by Elon Musk in late 2022.
Estimates from Sensor Tower show a 38% year-over-year plunge in global app downloads between October 2022 and September 2023.
The drop proves even more significant in the US, sinking 57% over the same period.
Further data from SimilarWeb reveals declining engagement among remaining mobile users as well.
X's monthly active user count on Android sank nearly 15% globally and 18% in the US annually by September.
X payouts for content creators
Amid a corporate crisis, X has announced content monetization will be more accessible for creators by reducing the criteria for its revenue-sharing program by 67%.
In 2024, creators need 5 million impressions in three months instead of the earlier 15 million to earn ad payouts.
The updated terms also enable withdrawals from as low as $10, an 80% decrease from the previous $50 threshold.
Remember that X still requires a minimum of 500 followers and account verification for direct compensation.
What's going on with X in 2024? X's reputation, market value, and ad revenue
A toxic climate of hate and misinformation on X has sparked an advertiser crisis under CEO Elon Musk's management.
Musk's leadership has led to an advertiser exodus due to content moderation decisions allowing more inflammatory speech and tweets promoting antisemitic conspiracy theories.
That has damaged X's reputation, making major companies hesitant to associate with such content. Join us to explore the current numbers behind the platform.
X's value drops 55% in one year
Financial records reveal social platform X witnessed its market value crater 55% down to $19 billion as of late 2023 - just one year since Elon Musk acquired the former Twitter for $44 billion.
Regulatory filings show Musk overpaid by almost 57%, judging by Twitter’s current performance.
Stock grants offered internally to employees further confirm grim assessments, pricing hypothetical shares at $45 versus the $54.20 per share sale price in 2022.
Fidelity lowered its X holdings by 71.5% in 2023
According to recent reports, after investing $19.2 million in October 2022, the financial services firm Fidelity reduced its share value by 65% a year later. In November 2023, the company decreased its stake by 6.5%.
Amid leadership changes, revenue drops, and controversies at X, Fidelity's actions cast doubt on CEO Linda Yaccarino's claim of imminent profitability in 2024.
X ad revenue dropped almost 60% in 2023
Recent financial data shows that advertising spending on X in the U.S. fell by 59% in 2023.
With major sponsors leaving, X is dealing with increasing financial issues and damage to its reputation.
X staff are now working hard to win back sponsors, including Airbnb, which stopped over $1 million in ads, and Uber, cutting $800,000 across regions.
X 2023 U.S. ad revenue craters to $88 Million
Advertising spending on X has cratered in 2023 amid Elon Musk's chaotic takeover and management.
Per an internal X document, U.S. ad revenue totaled just $88 million from April 1st to early May of 2023 - almost a 60% year-over-year plunge.
Over 200 big companies paused their X ads in 2023
The New York Times showed in late 2023 that over 200 distinct advertisers had already halted or considered pausing ad spending on X amid controversies under Elon Musk’s ownership.
Big names like IBM, Amazon, Coca-Cola, Netflix, and Microsoft contributed to a $75 million yearly revenue loss after Musk supported an antisemitic post.
Summary: X Statistics for 2024
What is X planning for 2024?
X CEO Linda Yaccarino envisions a significant opportunity unfolding in 2024, with plans to roll out a substantial initiative by the end of the year, as stated by Musk.
X is actively working on securing money transmission licenses across the U.S., a crucial step in offering financial services.
Why is Musk aiming to transform X into a financial services hub?
Musk envisions turning X into a comprehensive platform, similar to super apps like WeChat in China, offering various services, including shopping, transportation, and more.
The goal is to make X an all-encompassing platform known for its versatility.
What concerns have been raised about X's content moderation?
According to studies, X is falling short in moderating content and lacks a clear strategy to combat political disinformation.
Professors from Queensland University used the tool Alexandria Digital to track misinformation on X.
They found over 1,200 X accounts spreading false claims during a Republican debate and an interview with Donald Trump.
The analysis also revealed 1,305 bots spreading conspiracies, accumulating over 3 million views.
Elon Musk's first year of transforming social media platform X has sparked usage growth among younger demographics like Gen Z.
But metrics around daily active users, advertising revenue, and subscriber features show declines.
The question is whether X can stabilize its business and become Musk's envisioned "everything app" for finance and commerce.
Success depends on fixing brand safety worries driving advertisers away and focusing on changes users want.
X faces a crucial moment as trust declines, and repairing its damaged reputation is the first step to turning things around.
- The entire story of Twitter / X under Elon Musk - Page 5 - The Verge
- Briefing: X’s Daily Active Users Have Dropped Since Musk Bought Company — The Information
- X CEO Linda Yaccarino: Brands are coming back, company is close to profitability
- Actually, X sees 500M posts per day — not 100M-200M as Musk recently said | TechCrunch
- One Year Under Musk: X (Twitter) Down By Every Measure | Similarweb
- X usage plummets in Musk's first year as owner
- One Year Under Musk: X (Twitter) Down By Every Measure | Similarweb
- Twitter’s U.S. Ad Sales Plunge 59% as Woes Continue - The New York Times
- X Says It Is Worth $19 Billion, Down From $44 Billion Last Year - The New York Times
- Fidelity marks down X valuation by 71.5% | TechCrunch
- X May Lose Up to $75 Million in Revenue as More Advertisers Pull Out - The New York Times
- Elon Musk gives X employees one year to replace your bank
- Bots on X worse than ever according to analysis of 1m tweets during first Republican primary debate | X | The Guardian