Musk’s Twitter UK Profits Plummet 74% After Takeover
Following Elon Musk’s acquisition, X’s UK revenue plummeted 66.3% to £69.1 million in 2023, resulting in a significant profit decrease. This downturn is attributed to reduced advertising spending due to brand safety and content moderation concerns. The company’s UK workforce also experienced substantial cuts, falling from 399 to 114 employees. Despite these challenges, X’s overall value has since recovered, and a new AI-focused subsidiary, X.AI London, was recently established.
John Q. Hosedrinker