X, Owned By Elon Musk May Turn A Profit Next Year, Says CEO
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Summary: Following Musk's acquisition of the social media company in October, X has faced difficulties retaining advertisers who were concerned about their brand association with inappropriate content.
According to Chief Executive Officer Linda Yaccarino, the social media platform X may become profitable in early 2024. This statement was made during a comprehensive interview in which she also defended the company's advancements under the ownership of billionaire Elon Musk.
Linda Yaccarino's participation in Vox Media's Code conference coincides with her 100-day tenure as CEO of the platform, previously recognized as Twitter. During this time, she has encountered inquiries regarding her authority in the position and the platform's capacity to attract advertisers who have been cautious about the rapid alterations on the platform and Elon Musk's contentious image.
Yaccarino expressed, "The rate of transformation and the scale of aspiration at X is truly unparalleled."
In response to inquiries about third-party assessments indicating that X's active app users have slipped to the 25th position, trailing behind Samsung's clock app, Yaccarino commented that essential metrics related to time spent on X were showing "highly favorable trends." However, she did not offer specific details.
Following Musk's acquisition of the social media company in October, X has encountered challenges in retaining advertisers due to concerns about their ads being placed alongside inappropriate content. This concern has been amplified by reports from researchers and activist groups highlighting a rise in hateful posts on the platform.
In recent weeks, there has been particular attention on antisemitic content on X. Musk recently took legal action by threatening to sue the Anti-Defamation League, alleging that this nonprofit organization, which combats antisemitism, was primarily responsible for a 60% decline in U.S. ad revenue at X.
In the earlier part of the interview, Yaccarino mentioned that X had implemented fresh content moderation tools and features to avoid ad placements next to specific content, which was absent before the acquisition. Additionally, Yaccarino advocated for Musk's freedom of expression on the platform.
