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Tech mogul Elon Musk said on Friday that the number of monthly users on his social media platform X, formerly known as Twitter, has reached a "new high" of 540 million.

𝕏 monthly users reach new high in 2023 pic.twitter.com/trqLGBEvvA

— Elon Musk (@elonmusk) July 28, 2023

This comes after the company recently introduced organizational changes aimed at boosting advertising revenues after they had dropped the month prior.

This also comes in light of heightened competition after Meta Platforms (META.O) launched a direct competing platform called Threads on July 5.

Read more: Elon Musk reveals X, new Twitter logo

In May 2022, before Musk purchased the social media platform, a statement said that Twitter had 229 million monthly active users.

By November of that year, Musk said that X had 259.4 million daily active users.

Ever since the takeover, Musk introduced some ground-breaking changes to the company, including launching the verified blue tick as paid service and sharing a portion of ad sales with content creators on the platform. 

Earlier this month, Musk said that X's earnings were negative due to a near 50% drop in ad revenues, which accounts for 90% of Twitter’s turnover, coupled with a heavy debt load. 

Musk took over Twitter on October 2022 in a deal valued at around $44 billion, including about $13 billion in debt. 

Read more: Zuckerberg sees Threads as Meta's next 1 billion user network