X, the social media platform formally known as Twitter, has seen ad revenues plunge by more than 55% every month since Elon Musk’s takeover a year ago, according to reports today.
Ad revenue in August declined 60% year-over-year, according to research firm Guideline and reported by Reuters, though the worst month was December 2022 when revenues dropped by 78%.
X's chief executive, Linda Yaccarino, who recently predicted a return to profit in 2024, is expected to meet the banks that helped fund Musk's acquisition to outline the company's business plans.
Musk, who himself has suggested X might not survive, has blamed the decline in advertising on the Anti-Defamation League, which he said was responsible for a 60% decline in US ad revenue.
Dismissing Musk’s claims, the ADL said it might begin advertising itself on the platform "to bring our important message on fighting hate to X and its users".
Last week, Yaccarino told a conference that 1,500 brands had returned to the platform in the previous 12 weeks and that 90% of the top 100 advertisers were back on X.