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.

Elon Musk reportedly has said that X is "barely breaking even" in an email to X staff. The news comes as X's competitors see rapid growth, and the banks that financed Musk's takeover prepare to sell off debt they've incurred from the deal.

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

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."

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

Musk's email highlighted that despite X's influence in shaping national conversations, its financial performance has not met expectations.

Musk told employees about the controversial social network's financial struggles earlier this month, as US banks look to find buyers for the company's mammoth debt pile.