The Irish arm of Elon Musk's X, formerly Twitter, last year declared combined dividends of €682.79m to its immediate parent firm.
That is according to new accounts filed by the parent firm Lorikeet Inc of X Internet UC, which show that X Internet UC declared two separate dividend payments in 2025 to Lorikeet Inc - €467.9m last June and $250m (€214.89m) last November - a total of €682.79m.
Separate accounts for X Internet UC show that revenues at the Dublin based unit slumped by 21% to €1.17bn in 2023 driven by a reduction in spend by large brand advertisers due to concerns about brand safety.
Accounts filed by X Internet UC show that pre-tax losses reduced by 73% from €753.47m in 2022 to €202.5m in 2023.
Musk took the business private after his $44 billion purchase in October 2022 and on revenues decreasing from €1.49bn to €1.177bn in 2023, the directors for X Internet UC state that "our advertising revenue decline is primarily driven by a reduction in spend from large brand advertisers due to concerns about brand safety and/or content moderation".
They state that "the business continues to take corrective measures to build brand safety tools, invest in platform safety and content moderation and then educate advertisers about these initiatives".
The directors state that "X maintains a growing and engaged audience".
X Internet UC recorded a post tax loss of €185.35m in 2023 after a corporation tax credit of €17.16m is taken into account and the post tax loss of €185.35m compared to a post tax loss of €664m for 2022.
The directors state that "this improvement is primarily attributable to successful restructuring efforts that led to significant cost reductions".
They state that nevertheless, "the loss for the financial year persisted, driven by a more substantial decline in revenue relative to the operating costs associated with maintaining and operating the platform, and data hosting services".
The loss takes account of non-cash amortisation costs of €527.63m.
The firm halved its workforce from 375 in 2022 and 187 in 2023 and staff costs reduced by 62.5% from €59.9m to €22.44m in 2023.
The company incurred redundancy costs of €2.8m in 2023 and this follows a charge of €10.3m under the same heading for 2022.
The directors state that the continuation of the company's "restructuring path resulted in further reduction of its cost base, including workforce reduction and discontinuation of the office usage space to improve its financial performance".
The directors also state that the discontinuation of office space resulted in the recognition of onerous contract obligations of €13.8m.
They state that the company continued to have a strong balance sheet as shareholder funds totalled €5.94bn at the end of 2023. Cash funds reduced from €79.07m to €39.05m.
On future developments, the directors state that "we will focus on providing advertisers with more control over the conversations they start on X and continue the work on our ongoing brand safety efforts, by leading with policy, protecting with product, and driving industry-wide change through partnerships".
Separate consolidated accounts filed to the Companies Office by X’s Lorikeet Inc, which oversees the business’s international operations, show that its pre-tax profits increased by 15% to $430.5m for 2024 as revenues declined by 14% from $1.5 billion to $1.3 billion.
Reporting by Gordon Deegan
