Elon Musk, the CEO of X (formerly Twitter), has expressed concern over the platform’s future, acknowledging that it “may fail” amid a turbulent year marked by challenges, changes, and competition. Since Musk’s acquisition of X in 2022, the platform has faced declines in advertising revenue, user dissatisfaction with changes, and competition from Meta’s Threads.

In a recent post on X, Musk stated, “The sad truth is that there are no great ‘social networks’ right now. We may fail, as so many have predicted, but we will try our best to make there be at least one.” Linda Yaccarino, X’s CEO, also emphasized the platform’s importance, adding that there is a place for X in the world.

Musk’s fellow billionaire and occasional rival, Mark Cuban, responded to Musk’s tweet, acknowledging that the technology of X has improved under Musk’s ownership. However, Cuban suggested that it’s Musk’s control of the platform that prevents it from regaining its previous status as a digital town square.

X’s challenges have included a significant drop in ad revenue, glitches affecting content posted before December 2014, intentional slowdowns that affected competitors and news outlets, and brand safety concerns. Despite these difficulties, X remains an active platform with a diverse user base.

As the social media landscape continues to evolve, Musk and his team are facing the complex task of revitalizing and reshaping X to address users’ concerns and adapt to changing trends while staying true to its core purpose.