Elon Musk’s X is on track to fall well short of its goal of bringing in $100mn in revenue from political advertising in 2024, raising just $15mn in the year to date, largely from an increasing reliance on Republicans and the Trump campaign.

Last year, X chief executive Linda Yaccarino told industry figures she was aiming to make $100mn annually in political ad revenues in an election year, according to several people familiar with the projections. The company is trying to offset revenue losses caused by big brands pulling spending from the platform.

However, data from X’s political ads transparency library analysed by the Financial Times show that the company has brought in less than a fifth of its target as of October 23, with under two weeks to go until the November 5 vote.