Elon Musk's social media platform X, formerly Twitter, which he acquired for $44 billion in October 2022, shared data about the platform, including daily active user minutes, annual impressions, and average sales contributions. However, some users are worried about X doing "well financially."
What Happened: On Monday, the social media platform shared the data, saying, "X is indispensable." As per the data, 250 million people use the platform daily, while on average, one person spends 30 minutes daily on X.
According to X, "This year, the daily average of user time spent on the platform has grown by +13%. Mobile time spent is up +17% vs. the last six months."
Musk's social media platform currently has more than eight billion daily active user minutes average in 2024 so far. This is up 10% from last year.
Top conversation topics on the social media platform were Sports, Gaming, Food and Music. Moreover, as per the data, user engagement with brands have also improved.
The platform also revealed that it currently houses five million Spaces sessions. Additionally, over the past 90 days, there was also a monumental, 556% increase in the number of jobs posted via X Hiring.
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While many users appeared to appreciate the growth on X, some shared their skepticism about the numbers being fake. Some also said that no platform is "indispensable," giving the example of TikTok saying, "TikTok is much larger, but we’d be better off without it."
One user also said that hopefully "X gets enough advertising and is doing well financially."
Why It's Important: Last year in December, Musk's social media platform reportedly faced a significant downfall in its advertising revenue in the year 2023. At the time, it was reported that X's ad revenue hardly crossed the $600 million mark per quarter last year. This was a significant decrease from the $1 billion per quarter reported in 2022.
Previously, Musk's controversial posts and his decision to reverse bans on users violating policies made many major users unhappy. Corporations including Apple Inc. and Walt Disney Co., have also halted their ad expenditure on the platform.
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