Musk’s X lost nearly half a billion dollars in the first quarter of 2023
Elon Musk’s plans to make X to be the "biggest financial institution in the world" look a lot like Venmo, the popular mobile payments app, Bloomberg reports, citing documents submitted to state regulators.
Perhaps more interesting is that those documents illustrate why X needs another income source: It’s been burning money since Musk took over in late of 2022.
In the first quarter of 2023, the company lost $456 million. A year earlier, before Musk bought Twitter and changed its name to X, the company earned $513 million.
The documents show that X’s revenue was about $1.5 billion in the first six months of 2023, down nearly 40% from the same period a year earlier.
In the first quarter of 2023, the company lost $456 million. A year earlier, before Musk bought Twitter and changed its name to X, the company earned $513 million.
The documents show that X’s revenue was about $1.5 billion in the first six months of 2023, down nearly 40% from the same period a year earlier.
