Social media platform “X” (formerly Twitter) has launched a new initiative aimed at attracting small businesses to advertise.

The site announced its intention to offer select companies a $250 rebate when the company spends $1,000 or more on new ads within the next 30 days.

X said in an online post that it found more than 8 out of 10 of its customers are small or medium-sized enterprises, a segment the site is targeting with its new initiative. The company added that the validity of this discount will expire on December 31 of the year in which it is issued and a minimum advertising spend may be set to avail it.

For her part, the “TechCrunch” website, specializing in technology issues, pointed out that the advertising revenue is declining after billionaire Elon Musk, despite the assurances of the company’s financial performance, CEO of “X”, Linda Iaccarino. The company was acquired last October for about $44 billion.

According to a report published by the American newspaper “The New York Times” last June, the site’s advertising revenue in the United States fell to 88 million dollars in the five weeks from last April to the first week of May. That’s down 59% from the same period last year, according to internal company documents seen by the newspaper.

He added that sales forecasts for weekly “X” promotions were falling by 30% on a regular basis.

Musk has previously acknowledged that the site’s revenue is down, as he said last month that the company’s cash flow was still negative due to a decline in advertising revenue and higher debt costs.