Elon Musk’s X India struggles with a 90% decline in revenue in FY24

Elon Musk’s X India, formerly known as Twitter India, has experienced a significant 90% decline in revenue for FY24. The drop is attributed to major operational changes and layoffs following Musk’s acquisition. X India’s revenue plunged to Rs 21.16 crore in FY24 from Rs 207.70 crore in FY23, with profits also nosediving by 94%. The company’s revenue from marketing support, research & development, and user support services plummeted by 95%, 85.6%, and 89%, respectively. The drastic reduction in expenses, including employee benefits, reflects the impact of the layoffs on the company’s workforce. Despite these reductions, X India reported a profit before tax of Rs 2.42 crore in FY24, down from Rs 39.43 crore in FY23. The company’s net worth increased slightly to Rs 61.05 crore, but current liabilities saw a substantial drop. The significant decline in revenue and operational challenges underscore the difficulties X India faces in monetizing its user base effectively post-acquisition.