Social media group suffers slowdown as billionaire divides audiences and Mark Zuckerberg launches rival platform
X has been hit by stalling user growth, as the social media platform’s owner Elon Musk divides audiences and it faces new competition from the rise of Meta’s rival platform Threads.
Critics argue this has led to a more toxic experience, but Mr Musk claimed “drastic action” was needed to stem mounting financial losses.Facebook owner Meta launched rival platform Threads a year ago in an effort to challenge X. Chief executive Mark Zuckerberg revealed it had grown to 175mn monthly active users. This compares with 600mn monthly users claimed by X.
Mr Zuckerberg admitted in a February earnings call that it was one of the company’s products that had “ up before we’re ready for them to”.
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