Is Elon Musk’s gamble of buying Twitter (now called X) paying off? According to X CEO Linda Yaccarino, the company formerly known as Twitter, will be profitable by early 2024.

“Now that I have immersed myself in the business, and we have a good set of eyes on what is predictable, what’s coming is that it looks like in early ’24, we will be turning a profit,” she said at the Code Conference. Musk acquired Twitter for $44 billion last year and ever since it has been a rocky period.

Yaccarino also gave a glimpse into the active user base. She said that X has 540 million monthly active users and 225 million daily active users, which is slightly lower than 238 million daily users Twitter had before the acquisition.

That X will be turning profitable is big news because it didn’t turn an annual profit in its first 13 years. But Yaccarino has been consistent with her statement. Soon after becoming CEO she said on CNBC that X was “pretty close to breakeven” in terms of operational run rate and during her appearance at Code Conference she said that “90 per cent of the top 100 advertisers have returned to the platform in the last 12 weeks alone”.

She also said that users are spending more time on X since June even though app analytics firm Apptopia recently reported that X downloads are down 30 per cent in the two months after its rebrand from Twitter.