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Developing interventions that successfully reduce engagement withmisinformation on social media is challenging. One intervention that hasrecently gained great attention is Twitter's Community Notes (previously knownas "Birdwatch"). Community Notes is a crowdsourced fact-checking approach thatallows users to write textual notes to inform others about potentiallymisleading posts on Twitter. Yet, empirical evidence regarding itseffectiveness in reducing engagement with misinformation on social media ismissing. In this paper, we perform a large-scale empirical study to analyzewhether the introduction of the Community Notes feature and its roll-out tousers in the U. S. and around the world have reduced engagement withmisinformation on Twitter in terms of retweet volume and likes. We employDifference-in-Difference (DiD) models and Regression Discontinuity Design (RDD)to analyze a comprehensive dataset consisting of all fact-checking notes andcorresponding source tweets since the launch of Community Notes in early 2021.Although we observe a significant increase in the volume of fact-checks carriedout via Community Notes, particularly for tweets from verified users with manyfollowers, we find no evidence that the introduction of Community Notessignificantly reduced engagement with misleading tweets on Twitter. Rather, ourfindings suggest that Community Notes might be too slow to effectively reduceengagement with misinformation in the early (and most viral) stage ofdiffusion. Our work emphasizes the importance of evaluating fact-checkinginterventions in the field and offers important implications to enhancecrowdsourced fact-checking strategies on social media.

The Roll-Out of Community Notes Did Not Reduce Engagement With Misinformation on Twitter