X Faces Stalling User Growth Amidst Competition and Leadership Controversies

• X, owned by Elon Musk, reports a modest 1.6% rise in global daily active users in Q2, reaching 251 million, contrasting with previous double-digit growth.
• Musk's leadership has been divisive, leading to a loss of advertisers due to his 'free speech absolutist' stance and reduction of content moderators.
• Meta's Threads, launched as a rival to X, has grown to 175 million monthly active users but sees lower daily engagement with only 38 million daily users.
• Threads initially surged with 100 million sign-ups in its first week but saw a decline in usage; it has since grown steadily, aided by EU expansion and celebrity endorsements.
• Despite X's claims of increased monthly users in the US and UK, engagement has been declining during national election campaigns, according to Similarweb data.

Source: Financial Times