In the first year of Elon Musk's ownership, social network X "went downhill" in all aspects.

The deal that put Musk at the helm of X initially raised hopes that his vision and success would boost the platform’s value, but new data reveals that the platform has seen disappointing advertising revenue and user numbers.

X's monthly active users fell 14.8% globally and 17.8% in the US in September. The average daily time spent per user on X fell 2% and the number of sessions fell 4% in Q3 2023. Notably, the number of people who stopped using the app increased by more than 30% in September this year.

Engagement metrics have dropped sharply across the board, with global app downloads falling 38% between October 2022 and September 2023.

Although traffic to Musk's personal account increased 96% year-on-year in September, the entrepreneur admitted that the company's US advertising business was down 60%.

Media outlets say that based on some of the world's biggest advertisers pausing advertising on X, the platform will only earn $2.9 billion this year, down from $4.1 billion last year.

While other social networks have also seen a decline in users and interactions, X's situation seems to be the most serious.

Global traffic to the top 100 social networks fell 3.7% year-on-year in September, while TikTok saw global web traffic increase 22.8% in the same period.

Elon Musk is planning to introduce new products, aiming to create a "super app". However, tensions between him and the media and regulators are bringing the platform under closer scrutiny.