Tech tycoon Elon Musk has announced that the monthly user count of the social media platform X, previously known as Twitter, hit a “new high” of over 540 million.
Musk tweeted this a day after Meta CEO Mark Zuckerberg said its platforms’ teams were bent on boosting retention on their new X rival Threads. The app has lost more than half of its users in the weeks after its much-hyped launch.
Musk shared a graph displaying the latest user figures on X.
This update from Musk regarding the platform’s user base comes at a time when the company is undergoing organisational changes and striving to increase advertising revenue, which experienced a decline in the past month.
This marks the latest addition to a series of statements made by X’s executives, asserting significant momentum in user engagement.
The remarks come following the launch of Threads, a direct rival platform introduced by Meta Platforms on July 5.
Before Musk’s acquisition of the firm in October, Twitter reported having 229 million monthly active users in May 2022. Following Musk’s ownership, he stated in November that X now boasted 259.4 million daily active users.
Under Musk’s leadership, X has undergone rapid product and organisational transformations.
Notably, the company introduced a paid service for the verified blue tick and initiated revenue sharing with specific content creators on the platform.
In May, Musk appointed Linda Yaccarino, the former NBCUniversal advertising chief, as CEO of X, indicating a strong emphasis on ad sales alongside efforts to boost subscription revenue.
Recently, Musk revealed that X’s cash flow faced challenges, attributing it to a significant decline of nearly 50% in advertising revenue and a considerable debt burden, though specific details were not provided.