Twitter’s user base in the United States has seen a significant decline of over a fifth since Elon Musk’s acquisition and the subsequent rebranding to X, as reported by app analytics firm Sensor Tower. In detail, the platform experienced a 23% drop in daily app users within the U.S. from November 2022, just after Musk’s takeover, to February 2024. This downturn is notably steeper than those seen in other major social networks during the same timeframe. For comparison, TikTok’s user numbers decreased by nearly 10%, while Facebook, Instagram, and Snapchat all reported declines of less than 5%.
On a global scale, X managed a somewhat lesser decline, losing 15% of its daily active app users, bringing the total to 174 million. It’s important to note that Sensor Tower’s analysis does not include users accessing the platform via web browsers or desktop applications, relying instead on a variety of sources for a representative user sample.
X itself has not directly responded to Sensor Tower’s findings. However, the platform made an indirect statement, claiming that it attracts “250 million people every day” and sees “550 million visitors every month.” Furthermore, the platform asserted that both the “daily average time spent on platform” and “daily active user minutes” have increased year over year.
The financial impact of these user trends is evident in the valuation adjustments made by Fidelity, one of the investors in Musk’s buyout of what was once a publicly traded entity. Fidelity’s blue-chip growth fund, which includes its stake in the company, has progressively decreased the valuation it assigns to X, marking a 71.5% decline from November 2022 to November 2023. This reassessment places the company’s current value at just over $12.5 billion, a significant decrease from the $44 billion Musk originally paid.
In a separate development, a California judge dismissed Musk’s lawsuit against the Center for Countering Digital Hate, a non-profit organization that has reported an increase in racist, antisemitic, and extremist content on the platform since Musk’s acquisition. Judge Charles Breyer, in his decision, emphasized the lawsuit’s apparent aim: “This case is about punishing the defendants for their speech.” This statement highlights the ongoing debates around content moderation and freedom of speech on the platform under its new leadership.
