Credit By: LinkedIn
Elon Musk has acknowledged the possibility of his ambitious $44 billion acquisition of X encountering difficulties. The mastermind behind the platform, previously recognized as Twitter, conveyed on Saturday that the future of X “may fail.”
Speaking on X, he candidly remarked, “Regrettably, the current landscape lacks exceptional ‘social networks.’ While numerous predictions foresee our potential downfall, we establish at least one such network.”
Meta, the company spearheaded by Musk, introduced Threads as a rival to X on July 5, amassing an impressive count of over 100 million signups, according to insights from Sensor Tower cited by Time magazine.
However, a mere six weeks later, data from Similarweb indicates that the platform’s daily active user rate has nosedived from its pinnacle of 44 million post Threads’ launch to approximately 10 million.
Musk’s persistent efforts to eradicate bots from the platform and transform it into a “super-app” have not yet demonstrated substantial progress. An investigation by Mashable’s Matt Binder revealed that nearly 42% of his X followers exhibited no followers of their own, raising concerns about their authenticity.
Musk’s recent announcement comes on the heels of his contentious decision to eliminate the blocking feature from the platform, which garnered criticism from activist Monica Lewinsky. Lewinsky called on Musk and CEO Linda Yaccarino to reconsider the move, emphasizing the significance of the blocking feature in ensuring online safety.
Monica Lewinsky’s tweet read, “Hey @elonmusk + @lindayaX …please rethink removing the block feature. As an anti-bullying activist (and target of harassment), I can assure you it’s a critical tool to keep people safe online. – that woman.”
Back in May, Fidelity’s assessment led to the devaluation of its stake in the then-Twitter company, assigning it a value of approximately $15 billion—merely one-third of the sum Musk had paid. The Wall Street Journal reported this valuation adjustment.
As of the time of this report, X had yet to respond to Insider’s inquiry, which was submitted outside of regular working hours.