Since Elon Musk’s acquisition of Twitter, now become the social network X, crucial questions arise about the future of this platform. Economic challenges, the decline in the number of active users, and the impact of Musk’s strategic choices raise questions that deserve examination to understand the reasons for this decline.
Why is there talk of the social network X’s fall?
The economic results of X are not meeting expectations. After acquiring Twitter for the colossal sum of 44 billion dollars in 2022, the platform’s value has alarmingly dropped. Investment giant Fidelity has lowered its valuation to 9.4 billion dollars, about one-fifth of what Musk paid. Meanwhile, consulting firm Brand Finance highlights a drop in brand value, estimating it at only 673 million dollars in 2024, compared to 5.7 billion in 2022.
X claims about 547 million habitual users, but studies, like those from Statista, indicate a real decline in the number of users, dropping from 368 million in 2022 to 335 million in 2024. This decrease suggests a disenchantment with the platform, amplified by the opinions of many advertisers, of whom only 4% still consider X a safe platform for investing their advertising budgets.
Is there an exodus to other social networks underway?
Alternatives to X, such as Bluesky and Threads, are experiencing unexpected vibrancy. Bluesky, for example, recently registered over one million sign-ups in one week, totaling 4.5 million users in response to the U.S. presidential campaign. Meanwhile, Threads, developed by the Meta group, has surpassed 275 million users, gaining 100 million sign-ups in just six months.
The media are also joining this dynamic; major names such as The Guardian and Le Vanguardia have decided to sever ties with X, denouncing the platform’s toxicity and the harmful influence of its owner, Elon Musk.
How is Elon Musk responsible for this?
Since the acquisition of the social network, Elon Musk has decided to make radical changes. The dismissal of 7,500 employees less than a week after the takeover highlighted his negligence towards the content moderation needs. In addition to job cuts, he also ended crucial features, such as verification badges, now only accessible through subscription.
Musk’s actions raise concerns about conflicts of interest, even though he proclaims a commitment to freedom of speech. This rhetoric clashes with the reality of violent content and fake news that proliferate on X. In October, Reporters Without Borders initiated legal action in France against X, accusing the network of complicity due to its inaction regarding defamatory content.
