X Has Bad Timing With Tech Issues Thursday After Rival Threads Reports 100M Users: Inside The Struggles Of Elon Musk's Company In 2023
Portfolio Pulse from Chris Katje
Social media platform X, acquired by Elon Musk in 2022, has been facing technical issues and a decrease in user engagement. The platform's downloads have fallen 38% globally from Oct. 2022 to Sept. 2023, and monthly active users are down 14.8% globally and 17.8% in the U.S. for the month of September on a year-over-year basis. Meanwhile, Meta Platforms reported nearly 100 million monthly active users on its Threads platform, a number that could increase due to X's struggles.
October 26, 2023 | 5:22 pm
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Meta Platforms reported nearly 100 million monthly active users on its Threads platform. This number could increase due to the struggles of rival platform X, potentially boosting Meta's user base and engagement.
The reported technical issues and declining user engagement on X could drive users to alternative platforms like Threads. This could potentially increase Meta's user base and engagement, positively impacting its stock in the short term.
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