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The often-cited $1.5 billion figure is an approximate comparison, not a confirmed accounting loss. Reuters reported Bloomberg’s projection that X would bring in about $2.5 billion in advertising sales in 2023, compared with $4.7 billion in ad revenue across the four latest quarters for which the company reported publicly. Those periods do not match: the $4.7 billion covered the second half of 2021 and first half of 2022, not calendar year 2022. X disputed Bloomberg’s sourcing, and no audited full-year X ad-revenue figure is established in the reporting reviewed here.
Where the $1.5 billion figure comes from
In December 2023, Reuters reported Bloomberg’s estimate that X would generate about $2.5 billion in advertising sales during 2023. Bloomberg’s sources reportedly put each of the first three quarters a little above $600 million and expected a similar result for the fourth quarter. That made the annual figure a projection based on people familiar with the matter, not a publicly filed, audited result. Reuters’ report on Bloomberg’s projection
Reuters also cited LSEG data showing $4.7 billion in advertising revenue over Twitter’s last four publicly reported quarters. Those quarters ran from the second half of 2021 through the first half of 2022. Subtracting the projected $2.5 billion from that $4.7 billion produces a roughly $2.2 billion difference; it does not substantiate a precise $1.5 billion loss, and it is not a like-for-like calendar-year comparison.
A separate estimate gives a different comparison. The Associated Press reported that Insider Intelligence estimated X ad revenue at $4.12 billion for 2022 and $1.89 billion for 2023, a projected 54% decline. These are that firm’s estimates, not X-reported audited amounts, and should not be combined with Bloomberg’s projection as if they were one series. AP’s report on the Insider Intelligence estimates
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| Figure | What it measures | Source and status |
|---|---|---|
| About $2.5 billion for 2023 | Projected global X advertising sales for the year | Bloomberg projection reported by Reuters in December 2023; based on people familiar with the matter, not an audited annual filing |
| $4.7 billion over four quarters | Twitter ad revenue in the second half of 2021 and first half of 2022 | LSEG data cited by Reuters; public-company reporting period, not calendar-year 2022 |
| $4.12 billion in 2022; $1.89 billion in 2023 | Estimated annual X ad revenue; 54% projected decline year over year | Insider Intelligence estimates reported by AP in October 2023; not audited X figures |
What other advertising data shows
Different third-party measures also point to a sharp retreat, but they track different parts of the market and cannot be read as company-wide annual revenue.
U.S. monthly ad revenue estimates
Guideline data provided to Reuters indicated that U.S. ad revenue was at least 55% below its year-earlier level in every month after Musk’s October 2022 acquisition. The estimated decline reached 78% in December 2022 and was 60% in August 2023. These are monthly U.S. estimates, not global annual totals; X declined to comment on the data. Reuters’ coverage of the Guideline data
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Spending by major advertisers
Pathmatics estimated that 14 of Twitter’s 30 largest advertisers stopped advertising after Musk took charge on October 27, 2022. It estimated that the group’s combined spending fell 42% to $53.8 million across November and December 2022. That is an estimate of spending by the top 30 advertisers, not total platform revenue. Pathmatics said its figures omitted some ad deals and promoted trends and accounts; it also noted that incentives could make brand-level spending higher. Amazon and SmartAsset disputed their individual estimates. Reuters’ report on the Pathmatics estimates
Why advertisers pulled back—and what is not proven
Reuters reported that the advertising decline had begun in September 2022, before Musk’s acquisition, after promotions appeared next to tweets soliciting child pornography. AT&T said it paused advertising because of concerns about content appearing beside its ads. After the takeover, advertisers also faced rapid platform changes, including suspended accounts being reinstated and paid verification that enabled impersonation. Reuters’ account of advertiser concerns and platform changes
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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →These reports help explain why some advertisers became wary, but they do not establish one cause for the total revenue decline. They also do not show that every advertiser left: AP reported in July 2023 that some had returned, though they were not spending as much as before. AP’s report on advertisers and X’s finances
X challenged Bloomberg’s account
Joe Benarroch, X’s head of business operations, told Reuters in December 2023 that Bloomberg’s report “presents an incomplete view of our entire business, as the sources Bloomberg relied on for information are not providing accurate and comprehensive details”. That is X’s stated objection to the report’s sourcing; it does not independently establish that the projection was false. Reuters’ report quoting X’s response
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Ad revenue is not profit or cash flow
Advertising sales are only one part of a company’s finances. A decline in ad revenue does not by itself reveal total revenue, expenses, debt payments, net income or cash flow. In July 2023, Musk said, “We’re still negative cash flow,” citing a nearly 50% decline in advertising revenue and heavy debt. That statement concerns cash flow, a separate measure; it does not verify any of the annual ad-revenue estimates. AP’s report quoting Musk’s statement
Because X was privately held and no longer publicly reported financial results in the cited coverage, readers cannot treat these third-party estimates as a reconciled set of audited company accounts. The figures describe a substantial estimated advertising downturn, but the exact full-year loss—and how it affected X’s overall financial position—remains unverified in these reports.
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