Social media platform X is said to be “barely breaking even,” as indicated in an email reportedly sent by its owner, Elon Musk, according to *The Wall Street Journal (WSJ)*.

Musk was quoted in the email stating, “Our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even.” The *WSJ* article, which also mentioned banks preparing to unload billions in debt associated with X, included more quotes from the email: “Over the last few months, we’ve observed the influence of X in shaping national discussions and outcomes… We are also observing other platforms starting to embrace our dedication to free speech and impartial truth.”

The latter observation seems to touch on Meta’s new choice to substitute fact-checking with community notes, a feature already in place on X.

Nevertheless, Musk has publicly refuted the claim that he sent such an email. He expressed in a post on X, “This report is false. I sent no such email. WSJ is lying.”

Since Musk’s takeover of the platform, formerly known as Twitter, in 2022, X has encountered considerable difficulties. Reports suggest a drop in its user count, with many switching to competing platforms like Bluesky, especially following the 2024 U.S. presidential election. Advertisers have also scaled back their spending, a trend anticipated to continue into 2025.

The *WSJ* piece further disclosed that Morgan Stanley bankers have reached out to investors regarding a $3 billion sale of debt related to Musk’s 2022 acquisition of X. The report suggests that some investors are expressing interest in the debt, driven by optimism about X’s financial future, possibly enhanced by Musk’s partnership with President Trump.

This week, Musk has also been in the news for different reasons, such as his presence at President Trump’s inauguration on Monday and a contentious “Roman salute” he performed during a speech.