Clearly the $44B price was too high for what it was really worth as a platform - Musk tried to get out of the deal, or at least decrease the price, but was forced to buy it at his initial offer by the courts. But I don't think there's any basis to say it's rapidly failing, at least from an engagement perspective - if BlueSky or Threads were going to kill X, they would have done so by now, or at least be well on their way. Besides, the real value of X is to seize control of a powerful propaganda platform from progressives, and in that he succeeded, maybe even beyond his wildest dreams.