BackElon Musk-owned X will be ‘turning a profit’ in early 2024, says CEO Linda Yaccarino
Social media giant X (formerly Twitter) expects to be profitable by early 2024, according to CEO Linda Yaccarino.
PremiumSocial media giant X (formerly Twitter) could become profitable by the start of 2024, CEO Linda Yaccarino has confirmed in an appearance at Vox Media's Code conference.
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Speaking about the roadmap of profitability for X, Yaccarino said, "Now that I have immersed myself in the business, and we have a good set of eyes on what is predictable, what's coming is that it looks like in early '24, we will be turning a profit,"
Prior to the announcement on Thursday, Yaccarino and Musk had earlier stated that the social media company is close to ‘breaking even’.
Yaccarino also noted that 90% of the top 100 advertisers have returned to X in the last 12 weeks and the time spent by users on the platform has gone up since June. Since the takeover by Elon Musk last year, X has struggled to assuage advertiser's fears about unsuitable content on the site with researchers and activist groups pointing to an increase in the hateful posts, reported Reuters.
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According to leaked documents quoted by the New York Times, ad revenue on for five weeks from April 1 to May 1st week had gone down 59 percent from a year ago.
On being asked about tweets by owner Elon Musk on X, Yaccarino said, "Freedom of speech is only successful if someone you disagree with says something you disagree with."
In response to a question about analytics company Apptopia that showed active app users on X had fallen behind Samsung's clock app, Yaccarino said that key metrics on the time spent by users on the platform was “trending very, very positively,"
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