The blowup between the president of the United States and the world’s richest man has unfolded on social media in real time, perhaps the ultimate example of how X has become Elon Musk’s personal stage, a live-streamed reality show where millions tune in to witness the mercurial twists of his unpredictable persona.

And tune in they did.

The feud sparked a wave of memes, commentary, and speculation, with many users celebrating the return of X’s chaotic, "fun" roots, evoking the early days of Twitter. While it’s too early to determine whether the clash will have lasting effects on user numbers or advertising revenue, Musk reposted a meme Thursday night suggesting it had, at least temporarily, boosted engagement. CEO Linda Yaccarino seemed to agree.

“X operates as a personality-driven platform, and Musk’s high-profile conflicts can fuel engagement, at least in the short term,” said Sarah Kreps, director of Cornell University’s Tech Policy Institute. “The platform has leaned into spectacle as a growth strategy, and controversy often drives traffic.”

Former President Donald Trump weighed in via his own platform, Truth Social, where he posted three times on Thursday, targeting Musk directly. But Truth Social’s reach pales in comparison: Trump has nearly 106 million followers on X, versus under 10 million on Truth Social. He continued to post on Truth at least 10 times on Friday.

“It’s a niche platform with limited reach outside Trump’s core base,” Kreps said. “If Trump fully disengaged from X, it could fragment the right-wing audience somewhat. But unless there’s major user migration, X remains dominant in political discourse.”

Trump hasn’t said he’s leaving X, and Musk hasn’t threatened to ban him. However, Trump hasn’t posted on X since June 3, although the official White House account remains active.

According to app analytics firm Sensor Tower, mobile app usage for both X and Truth Social surged on Thursday as the Musk-Trump spat unfolded. Between 2 p.m. and 6 p.m. ET, X saw a 54 percent jump in US mobile active users, while Truth Social usage increased fivefold. Still, X’s estimated audience is roughly 100 times larger than Truth Social’s.

On BlueSky, a platform popular with users disillusioned by Musk’s leadership, users gleefully watched from the sidelines, posting memes, screenshots, and commentary on the Musk-Trump drama. But BlueSky remains unlikely to attract Trump loyalists in large numbers.

“It’s too early to detect long-term shifts in user behavior,” Kreps said. “Political audiences on X tend to be resilient. Unless there’s sustained antagonism or a major change in content moderation, this appears more like a personality clash than an ideological split. Migration seems speculative at this stage.”

As for advertising, eMarketer analyst Jasmine Enberg doesn’t expect the feud to make a significant impact.

“Advertisers spending small amounts on X due to Musk’s ties to Trump may reconsider,” she said. “But the breakup doesn’t erase potential legal risks, like the FTC investigation into alleged ad boycotts. That could still influence brands’ decisions.”

The New York Times reported that the FTC is investigating whether a group of advertisers and advocacy organizations violated antitrust laws by coordinating boycotts over concerns that their ads might appear next to hateful or offensive content.

Ultimately, Musk remains a divisive figure.

“Regardless of his political standing, Musk’s use of X as a personal megaphone to amplify controversial content limits how far the platform can go in winning back cautious advertisers,” Enberg said. “Even efforts to promote consensus-driven content will struggle as long as controversy remains central to the brand.”