Elon Musk’s social media platform X suffered a 58% revenue collapse in its U.Okay. operations throughout 2024, in response to monetary disclosures newly filed with Companies House, marking one other brutal 12 months for the firm previously often known as Twitter as advertisers proceed to flee amid considerations about the model and its billionaire proprietor.
Since Musk acquired X in 2022 and took the firm personal, monetary disclosures from the firm have been few and much between. The 2024 monetary paperwork from the U.Okay. are the most up-to-date perception into the social media firm’s monetary efficiency.
X’s U.Okay. arm reported revenue of simply $39.8 million for the 12 months ending Dec. 31, 2024, down from $95.2 million in 2023. The stark decline represents the continuation of a catastrophic promoting exodus that started when Musk acquired the platform in October 2022. Revenue from U.Okay. operations had already plummeted 66% in 2023 from $282.9 million the earlier 12 months.
“The significant decrease in the performance of the company is a result of the decline of advertising revenue primarily driven by a reduction in spend from large brand advertisers due to concerns about brand safety, reputation and/or content moderation,” the firm acknowledged in its strategic report filed with U.Okay. regulators.
Workplace and tradition skilled Bruce Daisley, who beforehand served as Twitter’s vp of Europe, the Middle East, and Asia, and as Twitter U.Okay.’s managing director, instructed Fortune that the U.Okay. market has traditionally served as a dependable proxy for the platform’s international well being, regardless of accounting for solely roughly 5.3% of its complete revenue. “It’s a mature economy, and it’s reflecting what’s happening in the rest of the world,” Daisley defined, pointing to the developed community of e-commerce distributors and the U.Okay. financial system’s diversified verticals.
The revelation of X U.Okay.’s points comes as Musk has adopted an unprecedented combative stance towards the very advertisers his platform relies upon upon for survival. In November 2023, throughout a profanity-laden tirade at the New York Times DealBook Summit, Musk instructed advertisers fleeing the platform to “go f–k yourself,” particularly calling out Disney CEO Bob Iger after the leisure large halted its promoting. Musk accused Iger of trying to “blackmail” him with promoting cash.
That outburst adopted Musk’s endorsement of an anti-Semitic conspiracy concept on X, which he re-posted to his personal account. Major manufacturers together with Disney, Apple, IBM, Comcast, and Warner Bros. Discovery subsequently suspended their promoting on the platform. Musk has since apologized for his on-line remark, calling the publish the “worst and dumbest” factor he has printed on his account. (Representatives for X didn’t reply to a request for remark.)
Rather than in search of reconciliation, Musk doubled down, submitting sweeping antitrust lawsuits in opposition to advertisers. In August 2024, X sued the Global Alliance for Responsible Media (GARM)—an promoting business initiative targeted on model security—together with member firms together with CVS Health, Unilever, Mars, and Orsted, accusing them of illegally conspiring to boycott the platform and collectively withholding “billions of dollars in advertising revenue.” The lawsuit successfully shut down GARM, which ceased operations citing restricted sources to battle the authorized battle. Unilever settled its swimsuit with X (the phrases weren’t disclosed).
Musk expanded the lawsuit in February 2025 to incorporate further main manufacturers equivalent to Nestlé, Colgate-Palmolive, Lego, Shell, and Tyson Foods. “We tried peace for two years, now it is war,” Musk posted on X.
“I can’t remember an example in the history of marketing where someone from a platform has threatened to go to law and sue people who don’t spend money with him,” Daisley instructed Fortune, describing the method as “astonishing.” He characterised Musk’s technique as “mafia-like,” noting that entrepreneurs he’s spoken with “just want nothing to do with the brand, the product, or the audience.”
The promoting disaster represents a surprising reversal for a platform that generated $4.5 billion in international advert revenue in 2022. That determine collapsed to $2.2 billion in 2023—a 46% decline—and is estimated to have fallen additional to roughly $2 billion in 2024. Had X maintained pre-acquisition development developments relative to the broader social media market, its advert revenue could possibly be greater than double present ranges, in response to WARC Media evaluation.
By comparability, rivals thrived throughout the 2024 monetary 12 months, with Instagram’s advert revenue rising 24.9%, Snapchat up 13.8%, and Pinterest rising 18.1%.
Daisley attributes the ongoing decline not simply to model security considerations—the place advertisers worry their adverts showing alongside neo-Nazi content material or AI-generated pornography—however to Musk’s broader political provocations. “He’s funded far-right political parties across Europe. He’s been accused of election interference by the president of France,” Daisley famous, including that Musk “insults the leaders of other Western European allies daily.” German Chancellor Olaf Scholz and U.Okay. Prime Minister Keir Starmer have each criticized Musk’s help for far-right actions and interference in European politics.
Despite the grim trajectory, Daisley believes the platform isn’t “beyond salvation” if management adjustments course. “It still remains a remarkably influential platform. It hasn’t yet been fully substituted,” he mentioned. However, he sees little indication of reform: “It’s hard to see any revival of their revenues without change.”
