Musk's X Faces Major Ad Revenue Slump in 2023

Controversial posts by Musk lead to advertiser exodus, causing projected revenue to fall significantly short of targets.

Elon Musk's social media platform X, formerly known as Twitter, is projected to bring in about $2.5 billion in ad revenue in 2023, a significant decrease from previous years.
Ad sales make up between 70% and 75% of X's total revenue, implying total 2023 sales of roughly $3.4 billion, including sales from subscriptions and data licensing deals.
X's ad revenue has been in decline since Musk's takeover, with Musk confirming that sales are down considerably.
Major advertisers, including Apple Inc. and Walt Disney Co., have paused spending on X following Musk's controversial posts.
X has been trying to shift its reliance from major brand advertisers by courting more small- and medium-sized businesses to the platform.