Documents show that after being acquired by Musk, Platform X’s revenue in the first half of 2023 plummeted 40% year-on-year

News from this site on June 19, as Elon Musk expected, since he acquired the X platform (previously known as Twitter), the platform’s revenue has declined sharply.

Regulatory documents obtained by Bloomberg show that the X platform generated revenue of $1.48 billion in the first half of 2023, compared with 2022 It fell by about 40% in the first half of the year. Musk completed his acquisition of Twitter in October 2022 for $44 billion.

The filing also shows that the X platform lost $456 million in the first quarter of 2023.

This site has noticed that Musk’s relationship with the advertising industry has always been tense, and advertising is the main source of X Platform’s revenue. Last year, Musk publicly used rude words to insult advertisers at an event after several advertisers, including Disney, IBM, Apple and Lionsgate, stopped advertising at the site because of an alleged anti-Semitic post he made. Platform for advertising. There were also reports last year that some ads appeared alongside content promoting white supremacy and anti-Semitic content, leading advertisers to flee the platform.

The document obtained by Bloomberg and filed with state regulators by X as it seeks to build a peer-to-peer payments platform similar to Venmo also contains a noteworthy detail: Although Musk has always been interested in cryptocurrencies , but X Payments told Maine regulators it has no plans to support virtual currency transactions.

As one of the co-founders of PayPal, Masclele created a grand vision of building the X platform into a “universal application” on which users can build their “entire financial world". He has previously proposed launching high-yield savings accounts on the X platform to encourage users to keep their money on the platform.

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