X’s UK revenues fell 58.3% in 2024 as advertisers continued reducing spending amid ongoing concerns around brand safety, reputation and content moderation. The social media platform reported revenues of £28.9 million in 2024, down from £69.1 million in 2023, according to accounts filed at Companies House.

Pre-tax profits also declined, falling from £2.2 million to £767,000 year on year, representing a sharp drop from the £8.5 million in pre-tax profits recorded in 2022, the year Elon Musk acquired the platform, then known as Twitter.

In its filing, X attributed the downturn primarily to reduced advertising spend from large brands due to concerns about brand safety, reputation and content moderation. The company stated it is taking proactive measures to address advertiser concerns, including building brand safety tools, investing in platform safety and educating advertisers about those initiatives.

X also cited wider macroeconomic pressures, including inflation, tariffs and reduced consumer confidence, which it said had made advertisers more cautious about spending and led to budget cuts on the platform.

Headcount in the UK continued to fall during the year. The number of employees in sales and marketing dropped from 59 in 2023 to 37 in 2024, while total UK staff numbers declined from 114 to 76. By comparison, X employed 152 people in sales and marketing and 399 staff overall in the UK in 2022.

According to Kantar’s 2024 Media Reactions report, confidence in X plummeted in 2024, with just 4% of marketers believing ads on the platform provide brand safety. Trust in X nosedived from 22% in 2022 to 12% in 2024, whilst a net 26% of marketers plan to cut ad spend on X in 2025, the largest recorded pullback seen on any major global ad platform.

Major brands including Coca-Cola, Unilever and Mondelez International pulled back from the platform following the acquisition, with 625 of its top 1,000 advertisers reportedly cutting spend between October 2022 and January 2023.