Since being taken over by Elon Musk, various improvements have been introduced by the world's richest man on X/Twitter. Thousands of workers were fired, the company name was changed and the blue paint could be bought by anyone. This change which he felt was turbulent seems to have a negative impact with the company's income declining.
In a Bloomberg report, X's income in the first six months of 2023 was $1.48 billion, which is equivalent to a 40% decrease compared to the same period last year. In Q1 2023, X also recorded a loss of $456 million. This is all due to a sharp drop in advertising volume due to controversial content allowed by Musk on X.
In order to generate opinions, the Bloomberg report also said that X is now ready to launch X Payments which is its own payment system similar to Venmo and PayPal. Through it X users can make payments to make in-app purchases and also save money with X becoming a digital bank.
At this point X is in the process of obtaining a license to enable it to conduct financial transactions. When it launches, Musk's dream of making X "an app for everyone" will become closer.
