In the year following Elon Musk's acquisition of Twitter, now renamed X Corp., the social media firm is facing significant financial challenges. Amidst Musk's ambitious plans to transform X into an "everything app," the company has experienced a decline in users and a substantial drop in ad revenue.

Since going private under Musk's ownership, X Corp. has refrained from disclosing detailed financial statements or user numbers. However, leaked data and third-party research indicate a platform in decline. Reports suggest that X's daily active users have dropped by 3.7 percent to 245 million since Musk's purchase.

Controversial moves made by Musk, such as reducing moderation teams and charging for blue checkmarks, have alienated many users. Estimates indicate that the decline in users and usage may be even more significant than reported. Nevertheless, a significant portion of pre-Musk users have remained on the platform, partially offsetting the losses.

The decrease in users has also been paralleled by a significant decline in advertising revenue. Concerns regarding the platform's reduced moderation have prompted many advertisers to suspend their spending on X Corp. despite Musk's assurance that it would not become a "free-for-all hellscape." The amplification of misinformation, including Israel/Hamas-related content, has further deterred brands from advertising on the platform.

Musk's clashes with regulators and inconsistent actions have exacerbated the platform's struggles. While X Corp. CEO Linda Yaccarino has attempted to address compliance issues with European regulators, Musk's public disputes with a key European Union commissioner on the topic have undermined these efforts. Furthermore, Musk's promise to expand safety and election groups was not fulfilled, as he later cut half of the company's election integrity team, accusing them of undermining the process.

Market research firm Sensor Tower has reported a significant decline in the time spent on X Corp. compared to other social media platforms like Facebook. According to Sensor Tower's data, X Corp. was the only social media app to experience a substantial decrease in usage hours in August 2023 compared to the previous year. X's usage dropped by 13 percent year-over-year, with a 6 percent decrease from July 2023.

In contrast, Facebook's usage has increased by 10 percent compared to the previous year, with no month-over-month decline. The Threads app, launched by Facebook owner Meta, has also struggled to surpass X Corp. in terms of usage, with a significant decline of 62 percent month over month in August 2023.

X Corp.'s daily active users have declined by 9 percent in August 2023 compared to the previous year, marking the ninth consecutive month of year-over-year declines in this statistic.

As X Corp. grapples with diminishing user numbers and a significant drop in ad revenue, the future of the social media platform under Musk's leadership remains uncertain. The success of Musk's vision to transform X into an "everything app" will heavily rely on addressing user dissatisfaction and rebuilding trust amongst advertisers.

Note: All information in this article is based on data provided in the user's input and does not represent current or real-world events.