SpaceX IPO reveals Elon destroyed two-thirds of Twitter's ad business
SpaceX earnings filing shows X's Q2 ad revenue plummeted to $367M from Twitter's $1.08B in Q2 2022, far below Musk's $12B 2027 promise.
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Summary, timeline and people extracted by Claude from 15 items across 7 sources · 10h ago. Quotes are verbatim.
SpaceX's IPO filing disclosed that X (formerly Twitter) generated only $367 million in advertising revenue in Q2 2026, down from $1.08 billion in Q2 2022 before Elon Musk's takeover—a 66% decline. Musk had promised investors he would grow Twitter's ad revenue to $12 billion annually by 2027, but current numbers suggest the platform is on track for roughly $1.5 billion annually. The company attributed the decline to a transition to a new advertising platform, but the explanation contradicts statements from its CFO about the overhaul's effectiveness.
- X's Q2 2026 ad revenue of $367M represents a 66% collapse from Twitter's Q2 2022 revenue of $1.08B—approximately two-thirds of the ad business destroyed.
- Musk promised investors $12B in annual ad revenue by 2027; current trajectory suggests only ~$1.5B, placing him one-eighth of the way toward his goal.
- Year-over-year Q2 comparison shows continued decline ($426M in Q2 2025 to $367M in Q2 2026), contradicting X's claim that a new ad platform transition improved performance.
- The ad revenue collapse became visible only through SpaceX's IPO filing, as X's business was merged into SpaceX and xAI holdings, obscuring the platform's financial deterioration from public view.
How it unfolded
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Observers on Mastodon and Bluesky note that Musk destroyed 70% of Twitter's ad business in under 4 years, and that he is delivering roughly one-tenth of promised revenues.
“In Q2 of 2022, Twitter made $1.08B in ad revenue. Thanks to the SpaceX IPO, we learn that number was $367M in Q2 of this year. He destroyed 70% of Twitter's ads business in under 4 years.”
carnage4life · Mastodon ↗ -
Observers note that while X's ad business collapsed, Musk protected his investors by bundling X into SpaceX and xAI before going public, effectively hiding the platform's financial failure in merged reporting.
“Luckily for the investors who funded the acquisition, he bundled X into SpaceX/xAI and they made money anyway.”
carnage4life · Mastodon ↗ -
SpaceX's S-1 and 10-Q filings reveal that X's ad revenue in H1 2026 was $710 million, down $160 million from H1 2025's $870 million. Q2 2026 specifically shows $367 million in ad revenue.
“In the second quarter of 2022, the last full quarter before Elon took over, Twitter brought in $1.08 billion in ad revenue. In the second quarter of 2026, X brought in $367 million. That's $713 million a quarter, gone.”
Techdirt analysis · Mastodon ↗ -
X claimed the decrease in ad revenue resulted from transitioning to a new advertising platform, but CFO Bret Johnsen credited the same overhaul for a quarter-over-quarter uptick, creating an internal contradiction about whether the transition helped or hurt revenue.
“The same overhaul apparently both tanked the business and rescued it, depending on which direction the number was moving.”
Techdirt analysis · Mastodon ↗ -
Musk promised $12 billion in annual ad revenue by 2027 ($3 billion per quarter). X is currently generating $367 million per quarter and the trend is downward—about one-eighth the promised pace.
“He promised twelve billion dollars in ad revenue within the next year. That's three billion a quarter. X just did $367 million — about an eighth of the pace, and shrinking.”
Techdirt analysis · Mastodon ↗ -
Event Twitter's last profitable quarter before Musk takeover
Twitter generated $1.08 billion in advertising revenue in Q2 2022, the last full quarter before Elon Musk's acquisition.
What people are saying verbatim
“Elon has wiped out two-thirds of Twitter's ad business over the exact period in which he promised investors he'd nearly triple it.”
Techdirt · Techdirt ↗ · Aug 9
“In the second quarter of 2022, the last full quarter before Elon took over, Twitter brought in $1.08 billion in ad revenue. In the second quarter of 2026, X brought in $367 million. That's $713 million a quarter, gone.”
Techdirt analysis · Techdirt ↗ · Aug 9
“The same overhaul apparently both tanked the business and rescued it, depending on which direction the number was moving.”
Techdirt · Techdirt ↗ · Aug 9
“He promised twelve billion dollars in ad revenue within the next year. That's three billion a quarter. X just did $367 million — about an eighth of the pace, and shrinking.”
Techdirt · Techdirt ↗ · Aug 9
“In Q2 of 2022, Twitter made $1.08B in ad revenue. Thanks to the SpaceX IPO, we learn that number was $367M in Q2 of this year. He destroyed 70% of Twitter's ads business in under 4 years.”
carnage4life · Mastodon ↗ · Aug 10
“When Elon took over Twitter he told investors he'd triple ad revenue within 5 years. It's now been almost four years... and he's wiped out 2/3rds of the ad revenue.”
@masnick.com · Bluesky ↗ · Aug 10
“Turns out that telling advertisers to go fuck themselves … and then suing other advertisers for not advertising… doesn't make anyone want to advertise with you.”
Techdirt · Techdirt ↗ · Aug 9
Voices from the web unedited
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In Q2 of 2022, Twitter made $1.08B in ad revenue. Thanks to the SpaceX IPO, we learn that number was $367M in Q2 of this year. He destroyed 70% of Twitter’s ads business in under 4 years. Luckily for the investors who funded the acquisition, he bundled X into SpaceX/xAI and they made money anyway. https://www. techdirt.com/2026/08/10/spacex…
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When Elon took over Twitter he told investors he'd triple ad revenue within 5 years. It's now been almost four years... and he's wiped out 2/3rds of the ad revenue (basically revealed in footnotes to SpaceX's earnings). [embedded post]
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"In the second quarter of 2022, the last full quarter before Elon took over, Twitter brought in $1.08 billion in ad revenue. In the second quarter of 2026, X brought in $367 million." www.techdirt.com/2026/08/10/s... SpaceX’s Earnings Show Elon Wi...
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Nazi Twitter earnings: After Musk bought Twitter ad revenue declined by ⅔ https://www. techdirt.com/2026/08/10/spacex s-earnings-show-elon-wiped-out-two-thirds-of-twitters-ad-business/ # twitter # spacex # fraud # musk # ads #+
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Musk delivering one-tenth of the Xitter ad revenues he promised ☠️👉🐤 https://www. techdirt.com/2026/08/10/spacex s-earnings-show-elon-wiped-out-two-thirds-of-twitters-ad-business/
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This brings me joy www.techdirt.com/2026/08/10/s... SpaceX’s Earnings Show Elon Wi...