The social network,
formerly known as Twitter, is facing monumental losses that are
expected by the end of 2023 due to the departure of a whole group of large advertisers.
Bloomberg writes and UNN reports.
Details
According to
Bloomberg's insider sources, it is predicted that this year Elon
Musk's company is projected to generate about $2.5 billion in advertising revenue this year, a
a "significant drop" compared to the past two years.
In the report on
Platform X's 2021 revenue report states that it received $4.5 billion
from advertising in 2021. There are no exact figures for the previous year, as
the company stopped publicly sharing its financials after
Elon Musk took it private in October 2022. Nevertheless, X reported
about $2.18 billion in advertising revenue in the first six months of last year.
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According to
Bloomberg, in 2023 we are already talking about a little more than $ 600 million
per quarter. In general, it is projected that in 2023, the total revenue of the X network will reach about 3.4 billion US dollars, which includes subscription sales and
license agreements. But, as the publication notes, in 2021, Twitter earned a total of more than $5 billion.
The source of the shortfall is not hard to find
seems to be easy. The recent controversy over problematic tweets posted by
by Elon Musk, some of which are considered anti-Semitic, as well as the revelation that
that advertising content was alongside overtly anti-Semitic content denying the
Holocaust, pro-Nazi, supremacist or xenophobic posts, led to a massive
to a massive flight of major advertisers, including Disney and Apple.
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