Hey there, tech aficionados! Let’s step into the world of social media business updates, shall we?

Recently, X’s UK division has found itself in a financial pickle, with revenues hitting a staggering decline of 66%. This might leave you scratching your head, especially considering how this platform used to reign as a major revenue source before major changes came into play.

Under the continued name of Twitter UK Ltd, the accounts filed with the U.K. Companies House revealed that revenue slipped down to £69.1 million ($91.6 million) in 2023 from the previous year’s £205.3 million ($272.3 million). Talk about a steep fall!

The company pointed fingers towards a decrease in advertising spend, attributing it to serious worries about brand safety and the effectiveness of content moderation on their platform.

Looking at the profit side of things, they also took a hit—dropping from £5.6 million ($7.4 million) to just £1.2 million ($1.6 million). With Musk at the helm, changes were expected, but maybe not this much chaos?

Moreover, the U.K. increased the number of employees laid off, shrinking the workforce from 399 to just 114 in a single year. It seems like the wave of layoffs has had a widespread impact.

In summary, X is now on a mission, taking steps to rebuild trust with advertisers by advancing their initiatives on brand safety and content moderation.