X'S AD REVENUE PLUMMETS 66% YEAR-OVER-YEAR

SpaceX's IPO filing revealed the dramatic collapse in X's advertising performance since Musk's acquisition of Twitter in October 2022. The $367M quarterly figure represents a 66% drop from the pre-acquisition baseline. Musk has repeatedly promised advertisers and investors that X would achieve massive revenue growth under his leadership. His $12B annual revenue target for 2027 would require sustained growth well above pre-acquisition levels—a goal now appearing increasingly unrealistic. The revenue decline stems from advertiser boycotts triggered by Musk's content moderation changes, platform instability, and controversial statements. Major brands paused spending following concerns about brand safety and the platform's direction. The financial discrepancy highlights the gap between Musk's public commitments and actual business performance. X has attempted to offset ad revenue losses through its subscription service, but the strategy has yet to compensate for the advertising shortfall.