Twitter, rebranded as X after Elon Musk’s takeover, has seen a significant drop in its user base in the United States. According to Sensor Tower, a company that monitors app usage, the daily app users of the social network in the US have fallen by 23% since November 2022, which is just after Musk completed his takeover. This slump is more than a fifth of the total user base.
While all major social networks have experienced a reduction in the same period, none have seen a drop as drastic as X. The closest was TikTok, which saw a decrease of nearly 10%. Facebook, Instagram, and Snapchat all experienced user slumps of less than 5%.
On a global scale, X fared slightly better, losing 15% of its users to reach 174 million daily active app users. However, X claims that 250 million people use the platform every day, with 550 million visiting every month. They also state that the daily average time spent on the platform and daily active user minutes have both increased year on year.
The company’s value has also been affected, with Fidelity, one of the investors in Musk’s buyout of the previously publicly traded company, marking down the value it attributes to the company by 71.5% from November 2022 to November 2023. This brings Fidelity’s assessed value for the overall company to just over $12.5 billion, a significant drop from the $44 billion Musk paid for his stake.
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