X is known to have earned $2.5 billion in advertising revenue in 2023 (only half of 2022). And X's headquarters in San Francisco was closed and moved to Texas, the remaining employees had to move to a smaller office.

In addition, advertisers are continuing to abandon X. Specifically, according to a survey by market research firm Kantar in early September, 26% of businesses plan to reduce advertising spending on X next year due to concerns about extremist content affecting their brand reputation. Only 4% rate X as "safe" and their ads do not appear in negative content, while the rate for Google Ads is 39%.

Fidelity has also been valuing X at a declining rate. In May 2023, more than half a year after Musk took over X, the fund valued the social network at around $15 billion. In early 2024, that figure dropped to $12 billion.