In Q2 of 2022, Twitter made $1.08B in ad revenue. Thanks to the SpaceX IPO, we learn that number was $367M in Q2 of this year. He destroyed 70% of Twitter’s ads business in under 4 years.
Luckily for the investors who funded the acquisition, he bundled X into SpaceX/xAI and they made money anyway.
TechdirtSpaceX’s Earnings Show Elon Wiped Out Two-Thirds Of Twitter’s Ad BusinessWhen SpaceX filed for its IPO, we went through the S-1 to point out just how far off the mark Elon Musk’s predictions about his Twitter takeover turned out to be. Indeed, the failure of Twitt…