Will X declare bankruptcy in 2024?

Since Elon Musk concluded his purchase of Twitter on October 22nd, 2023, the company (now rebranded to "X") has had its fair share of scandals, such as the removal of blue checkmarks from legacy users and ad boycotts that have significantly hurt the company financially.

Furthermore, in November 2022, Musk told his employees that bankruptcy is not out of the question. Still, Musk has mentioned ambitious plans for turning X into more than just a social media app; he also aims for it to be a financial app, with updates expected in 2024. Musk remarked, "You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year."