Elon Musk’s X Suffers Massive Revenue Crash in the U.K. as Advertisers Keep Walking Away
New financial filings in the United Kingdom have offered a rare look into the business health of Elon Musk’s social media platform X, and the picture is not encouraging. Once known as Twitter, the platform saw its U.K. revenue plunge by 58% in 2024, underscoring how deeply advertiser trust has eroded since Musk took over.
The numbers reveal more than a bad year. They reflect a broader crisis for X, where declining ad revenue, public controversies, and an increasingly confrontational leadership style have collided. While the U.K. represents only a slice of X’s global business, experts say it often mirrors wider trends across the platform.
A Rare Look Inside X’s Finances
Since Elon Musk acquired Twitter in October 2022 and took it private, detailed financial disclosures have become scarce. That’s why the newly filed documents with the U.K.’s Companies House are drawing attention.
According to the filings, X’s U.K. operation generated just $39.8 million in revenue in 2024. That’s down sharply from $95.2 million in 2023 and a dramatic fall from $282.9 million in 2022, the final full year before Musk’s acquisition.
The company itself acknowledged the decline in its strategic report, citing a steep drop in advertising spending by major brands. The reason, it said, comes down to concerns around brand safety, reputation, and content moderation.
Why the U.K. Matters So Much
At first glance, the U.K. might not seem critical to X’s global outlook. The market accounts for just over 5% of the platform’s total revenue. But former Twitter executive Bruce Daisley says the country has long served as a reliable bellwether for the company’s global health.
The U.K. is a mature advertising market with a diverse economy and strong e-commerce presence. When ad spending dries up there, it often signals deeper issues elsewhere. According to Daisley, what’s happening in Britain likely reflects similar patterns across Europe and beyond.
The Advertising Exodus That Won’t Stop
The collapse in U.K. revenue is part of a larger advertising retreat that began almost immediately after Musk took control. In 2022, X generated about $4.5 billion in global ad revenue. By 2023, that figure had fallen to $2.2 billion. Estimates suggest it slipped further to around $2 billion in 2024.
The speed and scale of the decline are striking, especially when compared to the rest of the social media industry. Platforms like Instagram, Snapchat, and Pinterest all reported strong ad growth in 2024, highlighting how isolated X’s struggles have become.
Brand Safety Concerns
One of the biggest factors driving advertisers away is fear over where their ads might appear. Since Musk loosened content moderation rules, marketers have worried about ads showing up next to extremist content, hate speech, or explicit material.
For many brands, even the risk of such associations is enough to pull spending entirely. Advertisers tend to be cautious, and once trust is broken, it can take years to rebuild.
Controversies at the Top
The problem goes beyond content moderation. Musk himself has become a central issue for advertisers.
In late 2023, Musk sparked outrage after endorsing an antisemitic conspiracy theory on X. Although he later apologized, the damage was immediate. Major companies including Disney, Apple, IBM, Comcast, and Warner Bros. Discovery paused or stopped advertising on the platform.
Shortly afterward, Musk made headlines again during a public appearance when he lashed out at advertisers who had left, using profanity and calling out corporate leaders by name. For many in the advertising world, that moment confirmed their decision to stay away.
From Apologies to Lawsuits
Instead of working to rebuild relationships, Musk took a dramatically different approach. In 2024, X filed an antitrust lawsuit against the Global Alliance for Responsible Media, an industry group focused on brand safety. The lawsuit accused the organization and several major advertisers of illegally coordinating a boycott.
The legal battle proved costly for the group, which ultimately shut down, citing limited resources to fight the case. While one major advertiser later settled with X, the lawsuit sent a chilling message to the broader marketing industry.
In early 2025, X expanded its legal action to include more global brands. Musk framed the move as a necessary escalation, suggesting that patience had run out.
Marketing veterans have described the strategy as unprecedented. According to Daisley, there is no modern example of a platform suing advertisers simply for choosing not to spend money.
How X Fell Behind Its Rivals
The contrast between X and its competitors is stark. While X’s ad revenue has shrunk dramatically, other platforms have surged ahead.
In 2024, Instagram’s advertising revenue grew by nearly 25%. Snapchat and Pinterest also posted double-digit growth. These platforms benefited from stable leadership, clearer content rules, and a more advertiser-friendly image.
Analysts say that if X had simply kept pace with the broader social media market, its ad revenue could be more than double its current level.
Politics and Global Backlash
Another factor weighing on X’s reputation is Musk’s increasingly visible political involvement. He has openly supported far-right political movements in parts of Europe and has been accused by political leaders of interfering in elections.
European leaders, including those in France, Germany, and the U.K., have publicly criticized Musk’s actions and statements. For global brands, political controversy adds another layer of risk, especially in international markets where public sentiment can shift quickly.
Advertisers generally seek neutral platforms that don’t alienate large segments of their audience. X’s growing association with political provocation has made it a harder sell.
Is There a Path to Recovery?
Despite the bleak numbers, some experts believe X is not beyond saving. The platform remains influential, particularly among journalists, politicians, and cultural leaders. No direct replacement has fully replicated its role in real-time public conversation.
However, most agree that a turnaround would require meaningful change. Rebuilding advertiser trust would likely mean stronger content moderation, clearer brand safety guarantees, and a less confrontational relationship with the marketing world.
As Daisley points out, advertisers are not just reacting to policy changes. They are responding to the overall tone and leadership of the platform. Without a shift in approach, a revenue recovery appears unlikely.
A Defining Moment for X
The latest U.K. filings offer a snapshot of where X stands today: smaller, poorer, and more isolated than it was just a few years ago. What was once one of the most powerful advertising platforms in the world is now fighting to stop the bleeding.
Whether Elon Musk chooses to change course or continue down his current path will likely determine X’s future. For now, the numbers tell a clear story, and advertisers are still voting with their wallets.
