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Capitol Communicator has a report that as X loses monthly users, LinkedIn ad prices increased as much as 30%.

X losing users quickly shows third-party data

by | Oct 22, 2023

As Elon Musk and Linda Yaccarino test new ways to bring revenue to X, formerly Twitter, third-party data show the social media platform is losing users quickly. SimilarWeb, a company specializing in web traffic analytics, shows X lost over half a billion visitors globally in September alone. Visits dropped 10 percent last month to 5.8 billion from 6.4 billion in August. The platform saw user decline in over 140 countries (out of 176) where it operated, according to an Observer post.

The drop in traffic is an ongoing trend for Musk’s X. Business consulting firm VentureSmarter estimated that monthly Google searches for the platform went down to 11 million in September from 14 million a year ago, right before Musk took it over, Observer reports.

Musk and Yaccarino, X’s CEO, have disputed claims that fewer people are using X than before Musk took over, continues Observer.  Yaccarino, who became CEO in June, told TechCrunch that X sees 500 million new posts daily and generates 100 billion impressions.

They have also commented on X’s revenue loss under Musk’s ownership. Yaccarino said the platform is “just about [to] break even” at Vox Media’s Code conference on Sept. 27. She also said the company should be cash flow positive in early 2024.

X’s ad revenue has gone down each month since Musk’s takeover. Musk disclosed in September that X’s U.S. advertising revenue was down 60 percent since he bought the company. He blamed the Anti-Defamation League (ADL), a nonprofit group that works to combat antisemitism, saying that the group pressured advertisers out of working with the platform, continues Observer.

More here.


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