Accounts for the Irish operation of Elon Musk’s social media giant X show it recorded pretax losses of €753.47 million in 2022.
Twitter, which became the subject of an Irish data protection investigation on Friday relating to its use of artificial intelligence, established its European headquarter in Ireland in 2011.
Accounts filed on Friday, by Twitter International UC, show revenues increased by 3 per cent from €1.45 billion to €1.49 billion that year.
Its pretax losses of €753.47 million are a 14.5 per cent increase on the €657.8 million recorded for 2021.
The loss at the company, which was renamed X Internet UC last month, takes account of non-cash amortisation costs of €527.82 million.
It recorded a post-tax loss of €664.46 million in 2022, due to a corporation tax credit of €89 million, the chief factor of which was the recognition of a deferred tax asset of €76 million.
Employee numbers for 2022 increased to 375 from 325 the previous year with staff costs increasing from €47.65 million to €59.98 million. That included €34.9 million in wages and salaries, indicating average pay of €93,098.
Mr Musk acquired Twitter’s global business on October 28th 2022 and within weeks it confirmed that 140 employees at the Dublin office were to be made redundant. It subsequently incurred redundancy costs of €12.7 million in 2022 and additional redundancy costs of €3.5 million in 2023.
Emoluments to directors in 2022 more than doubled from €613,000 to €1.4 million.
Separate accounts show X incurred impairment charges of $26.41 billion (€23.27 billion) across 2023 and 2022.
The social media giant filed new consolidated accounts to the Companies Office through Lorikeet Inc which oversees its international operations.
The two sets of accounts provide some insight into the business since its takeover by Elon Musk for $44 billion (€39 billion) in 2022.
The Lorikeet accounts for 2022, signed off on April 7th 2025, show parent firm Twitter recorded impairment charges of $22.08 billion and $555 million.
Rebranded X in 2023, it recorded a further impairment charge of $3.77 billion in 2023, resulting in a total impairment of $26.41 billion of the global business across the two years.
Meanwhile, Ireland’s data regulator has begun an investigation into the company over how it handled users’ posts to train its Grok artificial intelligence (AI) system.
It has commenced “an inquiry into the processing of personal data comprised in publicly-accessible posts posted on the ‘X’ social media platform by EU/EEA users, for the purposes of training generative artificial intelligence models, in particular the Grok Large Language Models (LLMs)”, it said in a statement.
“The inquiry will examine compliance with a range of key provisions of the GDPR, including with regard to the lawfulness and transparency of the processing.”
The DPC is the main European regulator for X, along with a host of other big tech firms that have their EU headquarters in Ireland. It notified X of the investigation last week, it said.
The investigation will consider “a range of issues concerning the use of a subset of this data which was controlled” by X, including personal data from public posts by European users on X. It is seeking to determine whether that data “was lawfully processed in order to train the Grok” large language models that are key to the surge in AI in recent months.
Grok is X’s AI competitor to the likes of Chat GPT.
