Since Elon Musk bought Twitter two years ago, the social network has undergone many changes, among others it was renamed X, and above all a polarization which rejected both users and advertisersespecially after the rapprochement and identification between the richest man in the world and Donald Trump.
After this month’s US presidential election, Blue sky claimed to have gained more than 700,000 new users, reaching more than 14.5 million users globally; Mastodon We went from 3.5 million users in November 2022 to almost 9 million this month; While Discussions announced that it reached 275 million monthly users in October.
Musk’s plan was to turn his network into an ”app for everything” similar to China’s WeChatan application owned by the giant Tencent that began as a messaging service and has expanded to become fundamental for many essential activities in the Asian country. That plan is still a long way from being realized.
X, today, has a big debt and, since Musk took it over, he’s seen his revenues decline due to a lack of companies wanting to advertise on X.
So much so that the company said last year that its value had fallen by more than half 19 billion dollars. Musk paid $44 billion to take over the social network.
The social network also lost usersespecially since Musk became a spokesperson for President-elect Donald Trump during his campaign this year. Some of the most notable examples of X’s departure in the past two years are the actress’ retirement Jamie Lee Curtis or from the official news of the British media The Guardian, the American public radio NPR or the Spanish newspaper La Vanguardia.
However, the platform still has a large number of users and, according to tracking site Exploding Topics, as of April 2024, 611 million active users every month. Furthermore, it remains the favorite network of institutional communication and the majority of average.
X did not indicate the number of people who have abandoned the platform recently, but noted that “X has dominated the global conversation on the American elections and reached historic highs”, with 942 million publications worldwide.
According to data from Similarweb, which tracks social media statistics, daily traffic on Bluesky has surpassed that of Threads on November 6.
Bluesky is currently the number one free app on App Store of Apple followed by Threads: while in Play the Store The most popular download is Bluesky and in fourth place is Threads.
While Threads was an attempt by Mark Zuckerberg to offer an alternative microblogging space to Musk’s, Bluesky was originally backed by Twitter co-founder, Jack Dorseywhich in 2019 announced its intention to fund a new form of social media”decentralized“which was not controlled by any company.
Jay Graber was responsible for leading the project, which was launched as an invitation-only application but is now open to the public.
Not all alternatives to Twitter have been successful, Pebble (formerly T2) closed in October and in April the founder of Post News, Noam Bardinhe said the app isn’t growing fast enough “to become a real business or a major platform.”
What are the key differences between Twitter and X in terms of user engagement and advertiser sentiment?
Interview between Time.news Editor and Social Media Expert on the Transformation of Twitter to X
Time.news Editor (TNE): Good morning, and thank you for joining us today. Today we have Dr. Amelia Carter, a social media analyst and expert in digital communication, to discuss the significant changes that have unfolded since Elon Musk’s acquisition of Twitter, now known as X. Dr. Carter, it’s great to have you here!
Dr. Amelia Carter (AC): Thank you for having me. It’s a pleasure to be here.
TNE: To kick us off, can you give us a brief overview of what major transformations X has undergone since Musk’s takeover?
AC: Certainly! Since Elon Musk bought Twitter two years ago, the platform has changed dramatically. First and foremost, it was rebranded as X, signaling a new direction from the classic Twitter brand. Along with this rebranding, we’ve seen a drastic increase in polarization among users and advertisers alike, partly due to Musk’s public alignment with Donald Trump during election cycles.
TNE: That polarization seems to have affected the user base. What have the statistics shown in terms of user retention and growth on X compared to other platforms?
AC: Yes, indeed. X has experienced notable user attrition, particularly after Musk’s controversial moves, including his support for Trump. As some high-profile users and institutions publicly stepped away—like actress Jamie Lee Curtis and major media outlets—alternative platforms like Blue Sky and Mastodon have started gaining traction. For instance, Blue Sky reported over 700,000 new users recently, and Mastodon’s user base nearly doubled from 3.5 million to almost 9 million in just a few months.
TNE: That’s quite a shift! Now, Musk envisioned X as an “app for everything,” similar to WeChat in China. Where do you think he stands with that ambition today?
AC: Unfortunately, that vision remains quite distant. While the concept of an all-in-one app is appealing, X currently has a significant amount of debt and has lost advertisers rapidly. Reports indicate that the platform’s value has plummeted, dropping by over half to around $19 billion from the initial $44 billion purchase. Without the necessary funding and user engagement, realizing that comprehensive initiative is still a long way off.
TNE: What implications does this situation have on advertisers and the overall business model for X moving forward?
AC: The decline in advertising revenue is a major concern; many brands are unwilling to associate with what they perceive as a polarizing or unstable platform. As advertisers seek safer spaces where their messages resonate with their target audiences, X’s financial future could be bleak unless there is a drastic turnaround in user sentiment and engagement.
TNE: Interestingly, despite these challenges, X still claims to have a large user base—around 611 million active users. How does that number fit into the current narrative?
AC: That’s a valid point. While X does indeed have a sizeable active user count, it’s crucial to note that the nature of user engagement has shifted. As institutional communication remains a strong suit for X, it may still serve specific niches effectively. However, many of these users are not necessarily active in the way that translates to robust engagement and advertising opportunities.
TNE: So, it appears we are at a crossroads. What advice would you give to users and advertisers navigating this tumultuous landscape?
AC: For users, it’s important to assess what kind of social media experience they’re looking for. There are alternative platforms that foster different kinds of communities and engagement levels. For advertisers, diversification is key; exploring other platforms that align with brand values and reach target demographics might yield better results than maintaining an association with X, especially given its current reputation.
TNE: Thank you, Dr. Carter, for your insightful analysis. It’s evident that the future of X is uncertain, and the dynamics at play will be fascinating to watch.
AC: Thank you for having me! I’m looking forward to seeing how these developments unfold as the landscape continues to evolve.
TNE: And thank you to our audience for tuning in. Stay with us for more on the impacts of social media in the current political climate.