Elon Musk's X Plummets to Less Than a Third of Its Original Value Since Twitter Acquisition
TL;DR
The social media platform formerly known as Twitter, now called X, has seen a significant drop in value, with a 71% decrease since Elon Musk's acquisition in October 2022, as reported by Fidelity. The platform, purchased for $44 billion, is now valued at approximately $12.5 billion. This decline follows a series of controversial decisions by Musk, including staff cuts, reduced moderation, and the reinstatement of banned individuals. The platform has also faced a decrease in monthly users and criticism for increased hate speech and disinformation, leading to advertising boycotts and warnings from the European Union.
Topics:businessbusiness-and-finance##business-and-finance#elonmusk#fidelityinvestments#marketvalue#socialmedia#twitter
- Value of X has fallen 71% since purchase by Musk and name change from Twitter The Guardian
- X now worth 71% less than when Musk bought it, Fidelity estimates Fox Business
- Elon Musk's X gets another valuation cut from Fidelity Axios
- Fidelity believes its stake in X, formerly known as Twitter, is now worth 71.5% less than when Musk bought it MarketWatch
- Elon Musk’s X Now Worth Less Than a Third of Price Paid for Twitter - Axios Bloomberg
Want the full story? Read the original reporting
Read on The Guardian