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Elon Musk’s Social Media Gamble: Will X Survive the Political Drama?

by Team Lumida
July 27, 2024
in Markets
Reading Time: 3 mins read
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Tesla Shareholders Revolt: Suing Elon Musk Over Competing AI Venture

"Elon Musk" by dmoberhaus is licensed under CC BY 2.0

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Key Takeaways:

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  1. X saw a 13% increase in app downloads after Biden’s debate announcement.
  2. Despite recent spikes, daily active users dropped 20% since Musk’s acquisition.
  3. Musk eyes upcoming elections and the Olympics to sustain user engagement.

What Happened?

Elon Musk’s social media platform X experienced a significant surge in user engagement during a politically tumultuous period. The historic presidential debate in late June and President Biden’s subsequent withdrawal announcement fueled a 13% rise in X app downloads, according to Sensor Tower.

Biden’s announcement alone garnered over 380 million views on X. Despite this, Sensor Tower reported a 20% drop in daily active users since Musk’s $44 billion acquisition of the platform in late 2022.

Why It Matters?

User engagement on X soared amid political drama, showcasing the platform’s potential to captivate audiences during major events. Musk’s strategy hinges on this engagement to attract advertisers back to the platform.

However, the mix of raunchy content and conspiracy theories poses a risk, potentially alienating users and advertisers alike. Musk’s claim that “if we just grow market share enough, there won’t be anywhere else to advertise” highlights his bet on user growth driving ad revenue.

What’s Next?

Musk aims to leverage upcoming events like the November elections and the Paris Olympics to maintain and boost user engagement. The next 100 days are critical as he tries to hook users on the daily habit of scrolling X.

Analysts like Abraham Yousef from Sensor Tower remain skeptical, noting that the recent activity hasn’t significantly offset the broader trend of declining users. Investors should watch how Musk navigates this period and whether he can sustainably grow X’s user base and ad revenue.

Source: Wall Street Journal
Tags: ELON MUSKpolitics
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018