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Fewer people are using Elon Musk’s X as the platform struggles to attract and keep users, according to analysts (www.nbcnews.com)

submitted 8 months ago by Stopthatgirl7@lemmy.world to c/technology@lemmy.world

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Data from two research firms and figures published by Musk and X suggest a deteriorating situation for X by some metrics. Musk has marketed it as the world’s “town square,” but in number of users it continues to lag far behind social media rivals that focus on video, such as Instagram and TikTok.

In February, X had 27 million daily active users of its mobile app in the U.S., down 18% from a year earlier, according to Sensor Tower, a market intelligence firm based in San Francisco. The U.S. user base has been flat or down every month since November 2022, the first full month of Musk’s owning the app, and in total it’s down 23% since then, Sensor Tower said.

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[–] SpaceCowboy@lemmy.ca 13 points 8 months ago (1 children)

Not really. His wealth isn't in money, it's in shares of companies like Tesla. If Tesla drops in value his wealth drops. If he sells shares in Tesla to subsidize Twitter, the value of his remaining shares in Tesla drops. Which is why he borrowed a lot of money from the Saudis to acquire Twitter. Using Tesla shares as collateral. Tesla stock is crazy overvalued, and he's leveraged it to shit. It's possible Elon Musk could be bankrupt in a couple of years.

[–] yoz@aussie.zone 2 points 8 months ago (2 children)

I see a lot of "if"

[–] marx2k@lemmy.world 4 points 8 months ago

Tesla is down 31.23% YTd

[–] SpaceCowboy@lemmy.ca 3 points 8 months ago

Normally it would be "he won't do that because it would be completely stupid." But since we're talking about Elon Musk, it's gotta be "If he does this stupid thing here's what could happen."