X, previously known as Twitter, has seen a significant decrease in advertising revenues since being acquired by Elon Musk on October 27, 2022.

The financial documents shared with US regulators indicate that the platform generated approximately $1.5 billion in sales during the first half of 2024, positioning it to reach an estimated total revenue of $2.9 billion for the year. This is a notable contrast to the $4.4 billion in revenues reported in 2022, the last full year before Musk took over.

The financial trajectory suggests a continued decline, with revenues dropping to $3.4 billion in 2023, reflecting a significant decrease in advertising income. If the projections for 2024 hold true, X is expected to experience another substantial revenue decline of 15% year-on-year, following a 23% decrease in 2023. The ongoing challenges in the advertising sector highlight the difficulties X faces in recovering its previous financial position.