X’s ad revenue has halved since Elon Musk’s takeover

Alex Brownsell, Celeste Huang

The social app formerly known as Twitter is set to launch two new subscription tiers.

A year has passed since Elon Musk’s chaotic takeover of social media app X (formerly known as Twitter) but advertising spend with the platform is still well down on pre-Musk levels. 

Global ad investment with X is set to drop to $2.5bn in 2023 - a 50% decline on the $5.0bn it earned last year - according to the latest figures from WARC Media. Brands are expected to spend $790.1m on X ads in the fourth quarter, down from $1.6bn in Q4 2022. 

The picture for 2024 is scarcely more positive: WARC Media forecasts a 1% year-on-year increase...

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