Tech tycoon Elon Musk has announced that the number of monthly users of social media platform X, formerly known as Twitter, has reached a “new high” of more than 540 million.
Musk tweeted a day after Meta CEO Mark Zuckerberg tweeted that his platforms’ teams are focused on increasing retention on their new X competitor Threads. The app has lost more than half of its users in the weeks since it became so popular.
Musk shared a graph showing the latest user data on the X.
𝕏 monthly users reach new high in 2023 pic.twitter.com/trqLGBEvvA
— Elon Musk (@elonmusk) July 28, 2023
Musk’s update on the platform’s user base comes at a time when the company is undergoing organizational changes and trying to boost ad revenue, which declined last month. has occurred
This marks the latest in a series of statements from X executives, who claim significant acceleration in user engagement.
The remarks come after the July 5 launch of Threads, a direct rival platform introduced by Meta Platforms.
Before Musk’s acquisition of the firm in October, Twitter reported 229 million monthly active users in May 2022. Following Musk’s ownership, it said in November that X now boasts 259.4 million daily active users.
Twitter added 1.6M daily active users this past week, another all-time high pic.twitter.com/Si3cRYnvyD
— Elon Musk (@elonmusk) November 22, 2022
Under Musk’s leadership, X has undergone rapid product and organizational changes.
Notably, the company introduced a paid service for certified Blue Ticks and started sharing revenue with certain content creators on the platform.
In May, Musk appointed Linda Yaccarino, former NBCU Universal advertising chief, as CEO of X, marking a strong emphasis on ad sales alongside efforts to increase subscription revenue.
We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else.
— Elon Musk (@elonmusk) July 15, 2023
Recently, Musk revealed that X’s cash flow is facing challenges, due to a significant drop in advertising revenue of about 50 percent and significant debt burdens, although specific details were not provided.
