Elon Musk says X monthly users reach 'new high' of 541 million

Elon Musk, the owner of X, formerly known as Twitter, announced on Friday that the platform has achieved a remarkable milestone with a record-breaking number of monthly users. According to Musk's post on X, the latest count of monthly users has surpassed 541 million, signifying an impressive surge in user engagement.

This announcement comes at a pivotal moment for the company, as it undergoes significant organisational changes in a bid to enhance its advertising revenue, which experienced a decline in recent months. The company's leadership is actively seeking to revamp its strategies and ensure sustainable growth and profitability.

Notably, this is not the first time X's executives have boasted about the platform's strong traction in usage. In the wake of Meta Platforms' launch of Threads, a direct competitor to X, on July 5, X's leadership has been eager to emphasise its position as a prominent player in the social media landscape.

Looking back, Twitter had approximately 229 million monthly active users in May 2022, based on a statement released prior to Elon Musk's acquisition of the firm in October of the same year. Following the acquisition, Musk shared in November that X had managed to increase its daily active users to an impressive 259.4 million.

Under Elon Musk's stewardship, X has undergone a series of swift product and corporate changes. One notable move was the introduction of the verified blue tick, previously a symbol of authenticity, as a paid service for users. Additionally, X has embraced a revenue-sharing model with select content creators on the platform, allowing them to earn from ad sales.

The appointment of Linda Yaccarino, a former NBCUniversal advertising chief, as the CEO of X in May underscored the company's strong emphasis on bolstering its ad sales even while exploring avenues to augment its subscription revenue.

Despite these positive developments, Elon Musk recently revealed that X's cash flow has been negative due to a significant drop of nearly 50 per cent in advertising revenue. The company is also grappling with the burden of a substantial debt load. However, specific details about the reasons behind the revenue drop and the nature of the debts have not been disclosed.

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