I don't agree with the direction Musk has set for X, but businesswise it's not doing worse. Twitter was a financial catastrophe before the take over, so you didn't need much improvement. Moderation was a financial drain, the API didn't make them any money and none of the users seems to care all that much about the platform not being open to users without an account... because they all have accounts and wasn't able to interact with you anyway.
The media seems to get a good laugh out if Grok arguing the plight of white South Africans and is fondness to Hitler, but I'm not seeing journalists and politicians leaving X in droves because of it.