Social Media

Finally Elon Musk Admits ‘X’ May Fail: As So Many Have Predicted

Written by Senoria Khursheed ·  1 min read >
Elon Musk - X
  • Finally, Elon Musk has admitted that Twitter, formerly known as ‘X’ may fail, but the company would try to succeed
  • A billionaire said that the company could be doomed
  • The X owner, Elon Musk, claimed there are “no great social networks right now.”

A tech giant Elon Musk, an owner of Tesla, SpaceX, and Twitter, now named X, finally admits that his $44 billion acquisition of Twitter could be doomed. On Saturday, Elon Musk said that it may fail. “The sad truth is that there are no great ‘social networks’ right now,” he said on X. “We may fail, as so many have predicted, but we will try our best to make there be at least one.”

On July 5, Meta, a rival of X, launched its social platform Threads. Surprisingly, threads achieved nearly 2 million within just a few hours of their release, reported by various sources. However, after six weeks, X faced a massive decline in users. Six weeks after the launch, the platform’s daily active user rate has declined from a height of 44 million to just 10 million after Threads launched.

Though, It doesn’t yet clear like Musk’s efforts to eliminate the platform of bots and transform it into a “super-app” are succeeding. Research by Mashable Matte’s founder shows that almost 42% of followers on X had no followers themselves, which depicts that they could be bots. After these things happened, Musk posted that he came under fire and said he would remove the blocking feature from the social media platform’X’. Activist Monica Lewinsky and CEO Linda Yaccarino urged him to “rethink” the move.

She stated, “Hey @elonmusk + @lindayaX …please rethink removing the block feature. As an anti-bullying activist (and target of harassment), I can assure you it’s a critical tool to keep people safe online. – that woman”.

As per the news, Fedility mentioned the value of its investment in Twitter in May. He proposed a value of 15 million, or just a third of what Musk has spent.