It’s been quite an eventful year for the social network formerly known as Twitter — and not in a good way.

Sure, X got a new name and CEO, Linda Yaccarino. But the platform seems to be fighting a thousand battles on a thousand fronts.

We’ve seen an advertiser exodus due to owner Elon Musk’s controversial moves, including sharing antisemitic content and unbanning Alex Jones. The company’s valuation has plummeted. Musk is at war with some of X’s biggest advertisers. And in November traffic from Android and iPhone users was down 12.4% year over year, according to data.ai.

It’s been… a lot.

“If I were to sum up the year for Twitter, now X, in one word, it's decimation,” explained Forrester research director Mike Proulx. “It's decimation of the Twitter brand, it's decimation of the company's primary revenue stream, it's decimation of the company's valuation.”

And things aren’t looking any better going into 2024.

Musk’s tumultuous year

Musk’s year as Twitter CEO kicked off in March when the Information and the New York Times reported that the company’s valuation had fallen from the $44 billion he paid for it in 2022 to just $20 billion. In May, the Wall Street Journal reported that Fidelity, an investor, had cut its valuation of Twitter to $15 billion. Good thing Musk is the world’s richest person.

Outside X’s valuation, Musk also had to contend with the fallout from his own posts. Throughout the year he made inflammatory comments about race, accusing the Anti-Defamation League (ADL) of impacting Twitter’s revenue and generating antisemitism on the platform.

In November, left-leaning Media Matters for America issued a report saying that ads on X for companies including Apple, IBM, and others appeared next to Nazi content, which sent advertisers fleeing. Musk is now suing Media Matters claiming it manipulated the platform to get ads to appear next to the objectionable content.

The same month, Musk appeared to show support for an antisemitic post from another user, drawing condemnation from the White House and the ADL, among others, and possibly precipitating his trip to Israel.