Social network X may go bankrupt this year.
Social network X (formerly Twitter), which was acquired by American billionaire Elon Musk , may go bankrupt in 2024.
This is stated in the forecast of the Financial Times.
“Will Company X go bankrupt? Yes. Elon Musk often uses bankruptcy warnings to motivate his employees: he did it at Tesla and SpaceX. But this time, with advertising at X plummeting and attempts to create new sources of income failing, there is a big the likelihood that this will happen,” the forecast says.
After recent emotional statements against advertisers, Musk may be foolhardy enough to think he can steer the company through bankruptcy and still come out on top, experts have noted.
“Musk's fight for control of X in bankruptcy would be a fascinating continuation of the full drama of the Twitter acquisition,” the FT writes.
As a reminder, the European Union has begun checking X for compliance with the Digital Services Act.
