Elon Musk's X revenue has officially plummeted, new documents show 

By now, you’ve probably heard about Elon Musk’s grand plan to turn X, the social media platform formerly known as Twitter, into an “everything app.” One of the major pillars of Musk’s reimagining of X includes a payment platform much like PayPal or Venmo.New documents obtained by Bloomberg shed new light, not only into Musk’s financial service vision for X, but also into just how much the company has struggled financially since he acquired it in October 2022.These new documents are prepared by X and have been submitted to state regulators as Musk’s company looks to receive money transmitter licenses — a requirement for anyone looking to provide financial services of this kind. These documents also give the public its first official peek into the company since Musk took X private.X’s revenue has plungedNow that X is no longer publicly traded, there’s a lot we no longer know about the company. Most reports regarding X’s revenue troubles, for example, have come from internal leaks.However, these new documents make it official: According to X, the company’s revenue has plummeted since Musk took over.In the first six months of 2023 — the first full year in which Musk controlled the company — X’s revenue fell by nearly 40 percent from the same period the prior year. The company brought in $1.48 billion during that time period. Furthermore, X lost $456 million in the first quarter of 2023.The majority of this drop in revenue can be attributed to X’s advertiser woes. Prior to…Elon Musk's X revenue has officially plummeted, new documents show