Ross Gerber Says X Now Earns a Fraction of What It Did Before Elon Musk Acquired It — 'Extremely Happy We Were Given SpaceX Shares'

Benzinga · 2d ago

Investor Ross Gerber said on Wednesday that Space Exploration Technologies Corp.-owned (NASDAQ:SPCX) X platform now earns less than what it did before Elon Musk bought it.

X Revenue Before and After Musk

In a post on X, Gerber said X’s revenue, formerly Twitter, went from about $5 billion in revenue to $2 billion under Musk, with the platform bringing in “$550 mil or so” for the quarter.

“Extremely happy we were given SpaceX shares!” he added.

Gerber told Benzinga in August that Gerber Kawasaki held SpaceX shares for its clients and that he also owned some stock through the Twitter buyout.

Musk bought Twitter in 2022 for $44 billion, took it private and later renamed it X.

AI Business Outearned Starlink

SpaceX does not disclose X’s revenue separately.

The superintelligence (SI) segment X falls under reported $7.56 billion of SpaceX’s $14.58 billion in third-quarter revenue, about 52% of the total and up from $813 million a year earlier.

The company’s total third-quarter revenue rose 161% to $14.58 billion.

Advertising revenue for the SI segment came in at $538 million, up from $454 million a year earlier.

CEO Elon Musk Touts Grokbot’s Growth

Musk told analysts on the company’s earnings call on Tuesday that demand for X’s Grokbot was “the fastest growth of a product that I’ve ever seen in my life.”

Last week, SpaceX announced a single plan that bundles Grok, Grokbot, Cursor and X Premium.

Price Action: SpaceX’s shares closed 7.79% higher on Wednesday at $159.31 and fell 2.98% to $154.57 in early premarket trading on Thursday.

Benzinga Edge rankings indicate SpaceX’s stock has a positive price trend across the short, medium and long term.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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