Elon Musk's social media platform X, formerly Twitter, has seen its UK financial performance deteriorate sharply, according to newly filed accounts. The figures reveal a steep decline in both turnover and profit for the year 2024, underscoring the ongoing challenges faced by the business since Musk's 2022 takeover.
Steep Financial Decline in the UK Market
Official documents submitted to Companies House show that turnover for X's UK division was slashed from £69.1 million in 2023 to just £28.8 million in 2024. This dramatic fall in revenue was mirrored in profitability. The company's pre-tax profit fell from £2.2 million to £767,000 over the same period.
This performance marks a stark reversal from the platform's pre-Musk heyday. In 2022, the year of the acquisition, the UK arm achieved a turnover of £205.3 million and a pre-tax profit of £8.5 million. The financial decline has been accompanied by a drastic reduction in staff numbers. The UK headcount, which stood at 399 in 2022, was cut to 114 in 2023 and fell further to just 76 employees in 2024.
The company disclosed that it spent more than £22 million on redundancy payments over this period of restructuring.
Brand Safety Concerns Drive Advertiser Exodus
In a statement signed by the board, X directly attributed the poor results to a loss of advertising revenue. The company cited a "significant decrease... primarily driven by a reduction in spend from large brand advertisers due to concerns about brand safety, reputation and/or content moderation."
X stated it is taking "proactive measures" to rebuild trust, including investing in platform safety tools and content moderation. It also highlighted a strategic shift towards diversifying its revenue by targeting small and medium-sized businesses with new advertising solutions.
Political Pressure and the Grok Fallout
The financial revelations come at a difficult time for the platform, which has been embroiled in fresh controversy. Reports emerged that users could prompt X's integrated AI chatbot, Grok, to generate explicit images, including of children. This sparked a major brand safety scandal.
The issue escalated to the highest levels of UK politics. On Thursday, Prime Minister Sir Keir Starmer was urged to withdraw the government's presence from X after a former cabinet minister labelled the platform 'unconscionable'. This political pressure adds another layer of reputational challenge for Musk's company as it seeks to stabilise its business.
The accounts for the 2025 financial year are due to be filed with Companies House by the end of September 2026, which will show whether X's efforts to win back advertisers and diversify its income have begun to bear fruit.
