It's hard to know exactly how dire the financial situation is at Elon Musk's X (formerly Twitter). However, insider sources recently revealed to Bloomberg that the social media platform expects to end 2023 with "roughly" $2.5 billion in advertising revenue.
That's "a significant slump from prior years," sources said. It's also about half a billion short of the $3 billion that X executives expected to make in ad sales in 2023, one source said.
Last year, Twitter raked in more than $1 billion in ad revenue per quarter, sources said. But in each of the first three quarters of 2023, X only managed to generate "a little more than $600 million" in ad revenue. Now, the most recent advertiser fallout over antisemitic content on X—estimated in November as triggering a sudden $75 million loss—is still casting a shadow on what could become an even more dismal fourth quarter.
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