Elon Musk announced on Friday that the number of monthly users of social media site X, formerly known as Twitter, had achieved a “new high” and published a graph displaying the most recent figure of over 540 million.
Musk made the user statistics post on X as the firm underwent organizational changes and sought to increase advertising revenue, which had decreased in the previous month.
𝕏 monthly users reach new high in 2023 pic.twitter.com/trqLGBEvvA
— Elon Musk (@elonmusk) July 28, 2023
It is also the most recent in a string of statements made by X executives asserting significant usage after Meta Platforms introduced Threads, a platform that directly competes with X, on July 5.
In May 2022, Twitter had 229 million active monthly users, according to a statement made prior to Musk’s acquisition of the company in October. According to a post by Musk from November, X has 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
Since taking control, Musk has made a number of quick organizational and product adjustments. The business launched the verified blue tick as a premium service and has begun paying a portion of ad revenue to a select group of platform content producers.
Musk appointed Linda Yaccarino, the former head of advertising at NBCUniversal, as CEO of X in May, indicating that ad sales were a priority even as the platform pushed to boost subscription revenue.
Musk stated earlier this month, without providing further information, that X’s cash flow was negative due to a decline in advertising revenue of about 50% and a high debt load.
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
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