Elon Musk announced on Friday that the monthly users of the social media platform X, previously known as Twitter, have reached an all-time high, and he shared a graph displaying the latest count, which exceeds 540 million.

Musk’s post on X regarding the user figures coincides with the company’s ongoing organizational changes and its efforts to bolster advertising revenue, which has experienced a decline in recent months.

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

— Elon Musk (@elonmusk) July 28, 2023

Furthermore, this is just the latest in a series of statements from X’s executives, asserting a strong surge in usage, particularly after Meta Platforms (META.O) launched their competing platform, Threads, on July 5.

Before Musk’s acquisition of the firm in October, Twitter had 229 million monthly active users in May 2022. Following the purchase, Musk posted in November that X’s daily active users had risen to 259.4 million.

Twitter added 1.6M daily active users this past week, another all-time high pic.twitter.com/Si3cRYnvyD

— Elon Musk (@elonmusk) November 22, 2022

Since taking the helm, Musk has been swift in implementing various product and organizational changes. The company introduced a paid service for the verified blue tick and began sharing a portion of ad sales with selected content creators on the platform.

In a move signaling the significance of ad sales, Musk appointed former NBCUniversal advertising chief Linda Yaccarino as CEO of X in May. This decision came as the platform sought to augment its subscription revenue as well.

Earlier this month, Musk revealed that X’s cash flow had been negatively affected by a near 50% decline in advertising revenue and a substantial debt burden. However, specific details regarding these matters were not disclosed.