Platforms 2023 roundup: X sees internal valuation drop by 56% and advertisers pause spend

Posted by Caroline Edwards in News

5 months ago

Headlines from 2023 at X:

  • X’s internal valuation decreased by 56% in the past 12 months.
  • The app has lost nearly three million UK users since Musk’s takeover.
  • Brands such as Disney and Apple paused advertisement spending following Musk’s antisemitic endorsements in November.

Elon Musk remains the CEO of X. The company’s internal valuation has dropped 56% in the past 12 months.

Similarly, the app has lost approximately three million monthly UK users since Musk took control. It is used by 353.9 million people worldwide and the average user spends 32 minutes on the app every day.

In November, Musk faced backlash for endorsing an antisemitic conspiracy theory. Following this, brands such as Apple, Disney, Lionsgate and Paramount paused their advertisement spending on the platform. Musk told advertisers to “go f*ck yourself”.

Major changes were made to the platform. The iconic blue bird logo was replaced, users lost their blue tick marks (people can pay for X Premium to be verified) and the dashboard TweetDeck was made available to paid subscribers only. X also removed headlines from news story links, which now appear as a clickable image. At the end of October, it shut down Circles, a feature that showed posts to a selected group of people.

By Caroline Edwards, news and features writer for CORQ.