Financial Media Makes Grim Prediction for Elon Musk's Social Media Platform X

Written by Henrik Rothen

Dec.30 - 2023 9:26 PM CET

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Photo: Shutterstock.com
Photo: Shutterstock.com
Financial Media Makes Grim Prediction for Elon Musk's Social Media Platform X.

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There is a "high risk" that the social media platform X will go bankrupt next year.

This assertion was made by the British business newspaper Financial Times in their predictions for the major events of the coming year.

X, owned by Elon Musk, was formerly known as Twitter.

According to the journalists at the business newspaper, Musk's acquisition of the platform has not been a success. The decline in advertising revenue and failed attempts to create new revenue streams are cited as reasons for this bleak forecast.

Over the past year, Musk has alienated several advertisers. This includes an incident where, as the owner of X, he approved an antisemitic post, leading companies like Disney, IBM, and Apple to cease advertising on the platform.

Whether Financial Times' prediction will come true remains to be seen.

Elon Musk purchased the social media site Twitter in April of last year for 44 billion dollars.

Just three months after the billion-dollar acquisition, he changed both the iconic logo and the name to X.

According to a tweet from Musk, the reason for the name change is "because X embodies the imperfection in all of us that makes us unique,"

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