Musk reportedly wrote, "we've witnessed the power of X in shaping national conversations and outcomes... [but] our user growth is stagnant [and] revenue is unimpressive."

Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two sources with knowledge of the matter said Friday. Morgan Stanley bankers have reached out to investors ahead of a planned sale next week, the people added.

According to an internal email sent by Elon Musk to employees, X is 'barely breaking even,' citing stagnant user growth and underwhelming revenue

Musk has tried several different ways to boost X’s profits, including making users pay for verification, something that had previously been given to users of notoriety and journalists. On Tuesday, the company’s CEO Linda Yaccarino announced a new deal with Visa for peer-to-peer payments on X.

That answer may well be true. After all, sales of purely internal combustion vehicles have been in decline globally since 2018. Last year, EVs and hybrids together made up 20% of U.S. new car sales and that number is significantly higher globally, propelled especially by China, where EVs alone make up 50% of new car sales.

The British-headquartered lender unveiled a more stringent approach to hybrid working in a memo to staff earlier this week, which cut the minimum number of days staff can work from home from three down to two.

The bank is the latest large company to roll back its flexible working policies brought in during the Covid-19 pandemic.

The Wall Street Journal reports that banks are planning to sell part of the $13 billion in debt they gave Musk to buy Twitter.

Elon Musk has admitted to the financial woes of his social media platform X. In an email to employees this month, Musk said that X is barely breaking even amid stagnant user growth and unimpressive revenue.

Elon Musk warns X staff of stagnant user growth and revenue challenges while banks plan to sell $13 billion in X debt.

Tesla Inc.’s quarterly results this week drove home the lesson that profit and sales numbers don’t seem to matter much for this stock anymore. Instead, it’s Elon Musk’s narrative that’s wooing investors at the moment.