May 28, 2024

Elon Musk-owned social media platform X (formerly Twitter) is projected to be profitable in early 2024. The CEO of the platform, Linda Yaccarino, made the claims during an interview on Wednesday, September 27.

Interestingly, the interview, which covers different aspects of X, saw the CEO defending its progress under the ownership of Elon Musk.

X’s CEO Defends Company, Claims Profitable Is Set From 2024

CEO Yaccarino stated that Elon Musk-owned X is close to breaking all odds on its operational cash flow. The CEO said this on stage during Vox Media’s Code Conference in California, marking her 100 days in office as the company’s CEO.

Yaccarino took the helm of leadership of X in June this year. Notably, Musk has been the platform’s CEO following his acquisition of the platform in late 2022.

Meanwhile, CEO Yaccarino faced several questions spread on different aspects during the interview. These include restoring and strengthening X’s relationships with advertisers and measures regarding content moderation. 

Also, there were concerns about the level of control over the company and whether Musk granted her autonomy on X. In her response, Yaccarino praised X for its outstanding ambition, scope, and velocity of change that can’t be found anywhere else.

Also, the CEO shared her optimistic outlook about the company’s positive cash flow and anticipates profit in early 2024. Notably, advertising has been a major source of revenue for X (Twitter). However, advertising on the platform dropped drastically following Musk’s acquisition last year. 

Many believed that Musk installed Yaccarino, an ad veteran, to attract advertisers back to the platform. Further, the CEO was asked about third-party estimates indicating that X’s active app users plummeted to 25th position after Samsung’s clock app.

Yaccarino responded that the key metric for her time with X differs.  According to her, X has been “trending very, very positively.” But she didn’t provide any specifics.

Regarding questions on advertising, Yaccarino maintained that X has recorded positive outcomes as many advertisers are back. 

She stated:

“90% of the top 100 advertisers have returned to the platform in the last 12 weeks alone; about 1,500 have returned.”

On the issue of running the company, Yaccarino revealed that she discussed everything with Musk. These include the latest idea from Musk to start charging X users a monthly fee. On her part, Yaccarino is enthusiastic about Musk’s full participation in X’s production management.

X Unfavorable Changes Following Musk’s Acquisition

Following Musk’s takeover of X, the company has witnessed substantial changes.

Though Yaccarino mentioned the profitability of X from early 2024, the company is currently surrounded by many issues. X is facing some lawsuits regarding rent payments for its offices and a huge amount of money in severance to thousands of laid-off staff.

Also, several activist groups and researchers have reported the increased rate of hateful posts on X. Subsequently, the social media platform has lost many advertisers skeptical about interacting with unsuitable content.

In recent weeks, the focus on X has been on the increase of antisemitic content. Earlier this month, Musk had threatened to sue the Anti-Defamation League (a nonprofit organization that fights antisemitism). X owner claimed that the organization is responsible for up to a 60% drop in US ad revenue at the platform.

For now, it is still unclear how X’s profitability, projected to increase by 2024, will occur. But the CEO is hopeful the company will pull it off. 

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