It’s been over two years since Elon Musk took over Twitter (now X), and we’re just now seeing how hard its UK profits were hit.
According to The Guardian, X has now admitted that its UK revenues and profits nosedived in 2023, the year following Elon Musk’s takeover and the platform’s rebranding from Twitter.
According to documents filed to Companies House, revenue dropped a staggering 66% from £205.3 million in 2022 to just £69.1 million. The company’s profits didn’t fare much better, slipping from £5.6 million to £1.2 million, while pre-tax profit was down by nearly three-quarters.
X blamed the collapse on a familiar villain: advertisers walking out.
