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.
Twitter/X is the reason DJT became President. It happened accidentally (ie against the wishes of Twitter management) in 2016, they successfully suppressed him in 2020, and then Elon gave MAGA that platform in 2024, leading to DJT's successful election.
As long as X is seen a kingmaker, someone will find it profitable to own/maintain, even if it doesn't convert Ads like Meta/Google.
As a thought experiment, do you think X would have made the difference if Nikki Haley or Ron DeSantis were the GOP nominee? I would bet either people think X couldn't have helped enough (candidates didn't have the rizz) and ultimately they'd have lost, or they wouldn't be as toxic as Trump and wouldn't need whatever theoretical help X would provide.
Or if you like stats, Harris broadly lost on all social media platforms [0].
Years ago now I predicted Musk would burn through Twitter's attention capital and it'd become less and less relevant over time. I think that's happening: all the stats I can look up show declining users, usage, and revenue. A lot of people use X as "write only" now, or have very sporadic interactive use.
Another way of saying this is Musk bought the peak, and is running this new Nazi-friendly version as a short position against American democracy. The only way he gains attentional or financial capital from that position is if something even more illiberal happens to society and this far-right version of X is suddenly as relevant as center-left Twitter was in 2016, like Nick Fuentes becomes president or something.
[0]: https://navigatorresearch.org/2024-post-election-survey-a-ma...