South African billionaire Elon Musk has admitted for the first time that Twitter, the social network he bought and renamed “X,” could collapse “as many predicted,” Business Insider reported.

“The sad truth is that there are no big ‘social networks’ these days. We may fail, as many have predicted, but we will do our best to make sure there is at least one,” Musk wrote on Sunday on the social media platform he officially took over at the end of October last year.

It is not clear what prompted the post from Musk, who is also known for his bombastic and highly optimistic statements, which have often led to accusations that he is misleading customers about the products and services his company offers.

He made many controversial decisions after buying Twitter and firing the company’s executives, among those who were fired immediately after the deal was completed were Twitter CEO Parag Agrawal, CFO (Chief Financial Officer) Ned Segal, and the company’s head of legal and policy Vijay. Gadde

Musk blamed them for Twitter’s refusal to provide him with data on the number of fake accounts, so-called “bots,” on the platform during negotiations to complete the deal, a dispute that delayed its completion for several months and led to legal action on both sides.

What else is happening at “X” / Twitter

Musk’s efforts to weed out Twitter’s “bots” to turn the platform into a “superapp” don’t seem to be working. The specialized website Mashable revealed a few days ago that about 42% of the billionaire’s followers on the platform do not. even have their own followers, suggesting that many of these accounts may actually be fake.

Musk’s new post comes after he said last Friday that “X,” the new name he came up with for the company in July, could limit functionality that allows users to block other users from could contact, follow or view their posts.

“Block” will be removed as a feature, except for direct messages,” he wrote on the social network. The comment comes after the billionaire said earlier last week that the X could remove the lock feature entirely, sparking a wave of fresh criticism.

In addition, many tech journalists have pointed out that removing or limiting this feature could lead to X being removed from the app stores of Apple and Alphabet, Google’s parent company.

Apple’s user guidelines state that an app that contains user-generated content must provide the ability to block abusive users, while the Google Play Store states that apps must have a system that allows blocking both users and certain types of content.