TLDR:
- Elon Musk’s X (Formerly Twitter) has achieved a milestone with over 540 million monthly users.
- The platform witnessed rapid growth under Musk’s leadership, with an increase in daily active users.
- X is undergoing organizational changes to boost advertising revenue and enhance user experience.
- The platform’s success comes amidst competition from Meta Platforms and its new platform Threads.
- X is committed to further expansion and delivering value to its expanding user base.
In an impressive show of growth, Elon Musk’s social media platform, X, formerly known as Twitter, has achieved a significant milestone with over 540 million monthly users. The Tesla CEO took to X on Friday to share the exciting news, announcing that the platform has reached a “new high” in terms of user engagement. This remarkable surge in monthly users comes as the company undergoes organizational changes and seeks to boost its advertising revenue, which has experienced a dip in recent months.
𝕏 monthly users reach new high in 2023 pic.twitter.com/trqLGBEvvA
— Elon Musk (@elonmusk) July 28, 2023
Musk’s post on X, revealing the soaring monthly user count, has added to the buzz surrounding the platform’s success. The graph shared by Musk showcases the latest user count, clearly surpassing the impressive mark of 540 million. The platform’s ability to attract and retain such a massive user base has been a key focus for X as it continues to expand its presence in the highly competitive social media landscape.
The surge in monthly users is a positive sign for X, which has been competing with other major players in the market. Meta Platforms, the parent company of Facebook, recently launched its direct competing platform, Threads, aiming to challenge X’s dominance. However, X’s executives have consistently expressed confidence in the platform’s strong traction in usage, and the latest milestone further solidifies their position.
Related News: Twitter’s Rebranding as X Faces Legal Complications as Meta, Microsoft, and Others Own Similar Trademarks
Before Musk’s purchase of X in October, Twitter had reported 229 million monthly active users in May 2022. However, the platform has witnessed rapid transformations and expansions since Musk took over. Musk previously posted in November that X had 259.4 million daily active users, showcasing the platform’s growing influence under his leadership.
Twitter added 1.6M daily active users this past week, another all-time high pic.twitter.com/Si3cRYnvyD
— Elon Musk (@elonmusk) November 22, 2022
In addition to its increasing user count, X has been working on various initiatives to enhance user experience and drive revenue growth. The platform recently rolled out the verified blue tick as a paid service, providing users with enhanced credibility. Moreover, X has introduced revenue-sharing arrangements with select content creators, incentivizing high-quality content production and further engaging its user base.
To support its ambitious growth plans, X appointed Linda Yaccarino, the former NBCUniversal advertising chief, as the CEO. Yaccarino’s expertise in the advertising industry signals the platform’s commitment to bolstering advertising revenue while exploring additional streams of income.
Despite the impressive growth in monthly users, Musk acknowledges that the platform is facing challenges. X’s cash flow has turned negative, partly due to a nearly 50% drop in advertising revenue and a substantial debt load. The company is carefully managing its financial situation while investing in product development and innovation to continue delivering value to its expanding user base.
you should get a consortium together who understands your vision for this website (whether it’s more of a public utility or a business meant to generate cash flow is up to you) and have them buy the debt then do a tender/exchange offer for convertible notes w more favorable terms
— sophie (@netcapgirl) July 14, 2023
As the social media landscape evolves, X’s relentless pursuit of user engagement and revenue growth remains at the forefront of its strategy. With Musk’s vision and leadership, the platform is determined to solidify its position as a major player in the social media industry, offering a unique and compelling experience for its vast user community.
