X has been nothing short of an exercise in brand destruction. However, despite all the drama, it still stands, it still exists, and it remains relevant.
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The only issue is that Musk vastly overpaid for Twitter, but if he plans to keep it and use it for his political ambitions, that might not matter. Also remember that while many agree that $44B was a bit much, most did still put Twitter at 10s of billions, not the $500M I think you could justify.
The firings, which was going to tank Twitter also turned out reasonably well. Turns out they didn't need all those people.
I don't know how true that was of Twitter pre-Musk takeover, especially as many of the most direct comparisons didn't exist back then, so I can't say if Musk's takeover specifically made it less effective or not.