December 9, 2023
In a surprising turn of events, X, previously known as Twitter, reported a substantial increase of over 10 million users in December, as confirmed by the platform’s Chief Executive Officer, Linda Yaccarino. This announcement comes amidst a notable exodus of advertisers from the platform, raising concerns related to disinformation and hate speech.
Yaccarino shared the news through a post on X, providing a glimpse into the platform’s recent user growth. However, specific details regarding the proportion of paying users and a comparison with the average monthly increase were not disclosed.
The surge in users coincides with a series of major brands, including Apple, Disney, IBM, and Lions Gate Entertainment, leaving the platform in recent months. Allegations of the platform and its billionaire owner, Elon Musk, promoting anti-Semitism have been cited as a primary reason for this advertiser exodus.
Elon Musk, who acquired Twitter for a substantial $44 billion last year, faced severe backlash last month for endorsing a post that made derogatory remarks about Jewish people. The post accused them of fostering hatred against whites and supporting immigration by “hordes of minorities.”
X has consistently denied allegations of promoting anti-Semitism and took legal action last month by filing a lawsuit against Media Matters, a liberal activist group. The lawsuit was in response to a report claiming that ads for major brands, such as Apple, appeared alongside content that glorifies Adolf Hitler and the Nazi Party.
Media Matters dismissed the lawsuit as “frivolous,” accusing X of attempting to silence critics through intimidation tactics. Musk, addressing the companies leaving the platform, accused them of blackmail attempts and boldly told advertisers, “Go f**k yourself.”
Concerns over X’s financial outlook were highlighted last month when internal company files suggested a potential loss of “up to $75 million in advertising revenue by the end of the year” due to declining advertising revenues, as reported by The New York Times.
The developments on X continue to draw attention, reflecting the complex interplay between user growth, advertiser dynamics, and the platform’s response to allegations of promoting hate speech. As the social media landscape evolves, the implications of these events on X’s future trajectory remain a subject of keen interest and speculation.