“In the second quarter of 2022, the last full quarter before Elon took over, Twitter brought in $1.08 billion in ad revenue. In the second quarter of 2026, X brought in $367 million.”
Four years in, X pulls a third of what Twitter did before the takeover. That is not a transition period. That is the business now. The number only surfaced because SpaceX has to file, which is the one part of the merger Musk apparently did not think through. Advertisers left and they have not come back.