X’s advertising revenues for 2023 fell by $1.5 billion compared to before Elon Musk’s arrival. The company earns $600 million per quarter from advertising, which is almost half as much as in previous years.

Citing two people familiar with the matter, Bloomberg reports that X will earn approximately $3.5 billion in 2023, including subscriptions and data licensing deals.

X’s management aimed to generate $3 billion in advertising revenue for the year, but given the trends in previous fiscal quarters and Elon Musk’s scandalous moments, they will only be able to get about $2.5 billion.

The head of business operations, Joe Benarroch, said that after Elon Musk bought the social network, the company is no longer “Twitter and doesn’t measure itself by the old revenue and user metrics.” He also said that it is now a new global business that is developing in other revenue streams.

Before the acquisition, Twitter was not profitable either, but the company was earning about $5 billion a year, and then-CEO Jack Dorsey planned to raise revenues to $7.5 billion by the end of 2023. At that time, Twitter was getting more than a billion from advertising every quarter. Now this figure has fallen to $600 million.

At the end of November, Elon Musk told advertisers who left the platform to “go fuck themselves”, and then said that they were killing the social network. After that, even more advertisers started thinking about leaving X.