X.com's UK Revenue Sees Shocking 58% Drop Amid Advertiser Boycott Over Content Concerns
The financial woes of X.com, formerly Twitter under Elon Musk's ownership, have taken a drastic turn for the worse. The social media platform's UK revenue plummeted by nearly 60% in a year, down from £69.1m to £28.9m, according to latest financial figures published at Companies House.
The significant decline is largely attributed to advertisers pulling their spending due to concerns over content moderation and brand safety on the platform. This move has left X.com reeling, with pre-tax profits plummeting from £2.2m to just £767,000 year-on-year.
The company's struggles have been compounded by its drastic staff cuts, with 80% of UK staff laid off since Musk completed his $44bn takeover in 2022. The workforce has shrunk from 399 to just 76, resulting in over £22m in redundancy costs.
Musk's contentious remarks towards advertisers who pulled their ad spend have also been a major contributor to the platform's woes. In a heated onstage interview, he told advertisers to "go fuck yourself" after they ended their deals with X.com due to his endorsement of an antisemitic tweet. However, Musk later dropped Unilever from a lawsuit accusing them of conspiring against X.com in a mass advertiser boycott.
Despite the setbacks, X.com claims that it has become the "platform of choice for world-changing conversations, events and breaking news." However, its AI tool Grok has been at the center of controversy after being used to generate sexually explicit and violent imagery. The tool was recently restricted for non-paying users, with an automated response informing them that image generation and editing are currently limited.
As X.com struggles to regain advertiser confidence and address content concerns, it remains to be seen how long its financial woes will persist. One thing is certain, however - the platform's future looks increasingly uncertain.
The financial woes of X.com, formerly Twitter under Elon Musk's ownership, have taken a drastic turn for the worse. The social media platform's UK revenue plummeted by nearly 60% in a year, down from £69.1m to £28.9m, according to latest financial figures published at Companies House.
The significant decline is largely attributed to advertisers pulling their spending due to concerns over content moderation and brand safety on the platform. This move has left X.com reeling, with pre-tax profits plummeting from £2.2m to just £767,000 year-on-year.
The company's struggles have been compounded by its drastic staff cuts, with 80% of UK staff laid off since Musk completed his $44bn takeover in 2022. The workforce has shrunk from 399 to just 76, resulting in over £22m in redundancy costs.
Musk's contentious remarks towards advertisers who pulled their ad spend have also been a major contributor to the platform's woes. In a heated onstage interview, he told advertisers to "go fuck yourself" after they ended their deals with X.com due to his endorsement of an antisemitic tweet. However, Musk later dropped Unilever from a lawsuit accusing them of conspiring against X.com in a mass advertiser boycott.
Despite the setbacks, X.com claims that it has become the "platform of choice for world-changing conversations, events and breaking news." However, its AI tool Grok has been at the center of controversy after being used to generate sexually explicit and violent imagery. The tool was recently restricted for non-paying users, with an automated response informing them that image generation and editing are currently limited.
As X.com struggles to regain advertiser confidence and address content concerns, it remains to be seen how long its financial woes will persist. One thing is certain, however - the platform's future looks increasingly uncertain.
. I mean, 58% drop in UK revenue is crazy! It's no wonder advertisers are getting outta there fast. The whole situation with Musk's comments towards them was a huge red flag 
. And now this AI tool Grok has some major issues... how can you let that kind of content be generated on your platform? 
I feel like X.com is really struggling to get its act together. It's been saying all these big promises about being the "platform of choice" but honestly, it just doesn't seem that confident right now 
. I mean, who wouldn't want to advertise on a platform that's all about free speech and open discussion? But it seems like the advertisers are getting cold feet, and rightly so - content moderation can be a major headache for brands 
. And let's not forget Musk's infamous remarks towards those who pulled their ad spend... talk about alienating your customers 
. I think X.com needs to get its act together and figure out how to balance free speech with brand safety, or else it'll continue to hemorrhage revenue 
. It's time for them to take responsibility for their content and show advertisers that they can get the message right 
.
they need to figure out a way to balance free speech with advertiser comfort, but at the same time i dont think they should be too strict on it either. 58% drop in revenue is crazy, its gonna take some serious effort to get that back 
its hard to know what's going on behind the scenes at x.com. they need to get their act together ASAP or risk losing even more users and advertisers 
advertisers are gonna be super cautious about their ad spend on a platform that's just got a history of being all like 'oh, it's okay, we can do whatever we want with user data' 
not trying to be all edgy and cool just to get attention 
. Like, what if he's actually trying to push out the fake news and propaganda on his platform? 
. It's crazy that advertisers are pulling out over content moderation concerns. Like, can't you just report the hate speech or whatever? 
. I don't know how X.com is gonna bounce back from all these setbacks 
. And let's be real, the platform's current state is pretty sketchy 
. I mean, who wants to advertise on a site where AI-generated explicit content can pop up? 
Not me, that's for sure! 
The company needs to get its act together and prioritize user safety and brand protection over Musk's ego 
. Otherwise, it's going to be tough to regain lost revenue and trust 
. and musk just doesnt help matters with his attitude 
. guess all those advertisers were smart to pull their ads after all 
. x.com needs to figure out what's going on with that ai tool of theirs, grok or whatever 
. anyway, looks like x.com is in for a long, hard road ahead 
, whoa 80% off the workforce?! that's straight fire 
... NOT 
They need to figure out a way to balance being the "platform of choice" with keeping their advertisers happy. It's like, they can't have it both ways, right?