Elon Musk's X, formerly known as Twitter, is facing a significant decline in its user base, with millions of users projected to leave the platform in 2025. The exodus is attributed to various factors, including the rise of alternative platforms like Bluesky and Threads, as well as concerns over misinformation and toxic discourse on X.
Despite the platform's traditional spike in traffic during major events like the US presidential elections, X's user base has been steadily declining. According to data from SimilarWeb, X's daily active users in the US dropped from 32.3 million in early October to 29.6 million, a decline of 8.4%. This trend is expected to continue, with analysts predicting a loss of 7 million monthly active users in the US by 2025.
The decline in X's user base is not limited to the US. The platform has also seen a significant drop in daily active users in the UK and EU. This downward trend is a cause for concern for Musk, who has been working to rebrand X as an "everything app."
The rise of alternative platforms like Bluesky and Threads has contributed to X's decline. Bluesky, in particular, has seen a surge in user signups and daily active users, as users seek out platforms that offer a more positive and engaging experience.
X's decline is not only limited to its user base. The platform's brand value has also taken a hit, with a recent report from Brand Finance valuing X's brand at $673 million, down from $5.7 billion before Musk's takeover in 2022. Additionally, X's revenue fell by 40% in June 2024, compared to the prior year, according to internal company data.
Musk's support of Donald Trump and the subsequent rise of misinformation and toxic discourse on the platform have also contributed to X's decline. As users become increasingly disillusioned with the platform, they are seeking out alternative platforms that offer a more positive and engaging experience.
Overall, X's decline is a significant concern for Musk and the platform's investors. As the platform continues to lose users and revenue, it remains to be seen whether Musk can turn things around and restore X to its former glory.
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