Billionaire Elon Musk acknowledged on Saturday that the site, formerly known as Twitter, which he renamed ‘X’, could fail.
“The sad truth is that there are no great ‘social networks’ right now,” Musk posted on the site. “We may fail, as so many have predicted, but we will try our best to make there be at least one.”
Since acquiring the site last year, he has laid off a majority of the company, overhauled the verification system and completely rebranded the social media platform. At one point, he had also imposed “temporary limits” on the number of tweets each user can view.
Most recently, Musk has drawn backlash for announcing his plan to remove the block button from the site. The block button allows users to choose who gets to see and interact with their content or profile.
“It makes no sense,” Musk posted on the platform.
Musk’s changes to the site have led many users to migrate to different social media platforms — including Threads, a new app by Meta. X threatened to sue Threads, claiming it has “engaged in systematic, wilful and unlawful misappropriation of Twitter’s trade secrets and other intellectual property” by hiring former Twitter employees.
Meta has claimed there is no basis to the claim.