Community-based fact-checking reduces the spread of misleading posts on X (formerly Twitter)

Community-based fact-checking is a promising approach to correct misleading posts at scale. Yet, causal evidence regarding its effectiveness in reducing the spread of misinformation on social media is missing. Here, we perform a large-scale empirical study to analyze whether community notes reduce the spread of misleading posts on X (formerly Twitter). Using a Difference-in-Differences design and repost time series data for N = 237,180 (community fact-checked) cascades that have been reposted more than 431 million times, we find that exposing users to community notes reduces the subsequent spread of misleading posts by, on average, 61.2%. The effect is pronounced across the board but significantly weaker for posts from influential accounts and political content. Additionally, community notes increase the odds that users delete their misleading posts by 94.3%. Although community notes are broadly effective in reducing the spread of posts once annotated, they often appear too late to intervene in the early (and most viral) stage of the diffusion. As a result, their system-wide effect is more modest, lowering total engagement with misleading posts by 14.9%. Our work provides important insights that can inform future initiatives aimed at increasing the effectiveness of community-based fact-checking approaches on social media.