New filings exposing Elon Musk’s financials for X in the U.K. show revenue plummeted 58% in 2024

Core Insights - X, formerly known as Twitter, experienced a 58% revenue decline in its U.K. operations for 2024, continuing a trend of significant advertising losses since Elon Musk's acquisition in 2022 [1][3][4] Financial Performance - The U.K. arm of X reported revenue of $39.8 million for the year ending December 31, 2024, down from $95.2 million in 2023, marking a 58% decrease [3] - This decline follows a 66% drop in revenue in 2023 from $282.9 million in 2022, indicating a severe advertising exodus [3] Advertising Challenges - The company attributed the revenue decline to reduced spending from large brand advertisers, driven by concerns over brand safety, reputation, and content moderation [4] - The U.K. market, while only accounting for approximately 5.3% of total revenue, has historically been a reliable indicator of the platform's global health [5] Management and Strategy - Elon Musk's confrontational approach towards advertisers has raised concerns, as he publicly criticized fleeing advertisers during a November 2023 event, specifically targeting Disney's CEO [6] - Following Musk's controversial endorsement of an anti-Semitic conspiracy theory, major brands like Disney, Apple, and IBM suspended their advertising on the platform [7]