When Elon Musk acquired Twitter in 2022, he had ambitious plans to transform the platform into a multifaceted service hub. The vision was for X (as the platform is now known) to offer not just the traditional social media experience, but also video meetings, dating features, video streaming, banking services, and ultimately become a “town square” for global discourse—a term Musk has frequently used to describe his aspirations.
However, X is still a long way from realizing this grand vision. Despite significant changes and additions since the acquisition, the platform is nowhere near becoming the all-encompassing service Musk envisioned. One key challenge has been the workforce reduction: reports suggest that X now operates with less than half the number of employees it had before the acquisition, a move that has undoubtedly impacted its capacity for innovation and expansion in certain areas.
That said, the platform has made notable strides in some areas. In 2023, X introduced a job-search function, aiming to diversify its offerings and make the platform more integral to users’ daily lives. Additionally, in December 2024, X expanded access to its AI feature, Grok, making it available to all users rather than just those with a Premium subscription. This was a significant step toward broadening the appeal of the platform, moving beyond just social media to include advanced tools and services.
Yet, despite these developments, X is struggling to replicate its previous revenue levels. According to figures published by WARC Media, the platform’s advertising revenue for 2024 is projected to be less than half of what it was in 2022. This decline reflects the ongoing challenges in maintaining advertiser interest, particularly as X has undergone major transformations, including changes in its content moderation policies and the introduction of a new paid subscription model.
In summary, while X has evolved since Musk’s acquisition and made significant updates, it has not yet come close to fulfilling its lofty ambitions of becoming a comprehensive, all-in-one platform. The road ahead remains uncertain, and whether it can successfully combine the diverse services Musk envisions—while maintaining its user base and improving its financial performance—remains to be seen.
