"Fidelity Slashes Twitter Valuation as Musk's Purchase Loses 71%"
TL;DR
Fidelity Investments has reported that the platform formerly known as Twitter, now referred to as X, has decreased in value by 71% since Elon Musk's acquisition in late 2022 for $44 billion. Despite the significant drop in valuation, Musk has been dismissive of advertisers threatening to leave the platform and has made drastic staffing cuts. His controversial leadership style and comments, including a response to an advertising boycott and an apology for endorsing an antisemitic conspiracy theory, have marked his tenure at the helm of X.
Topics:businessbusiness-and-finance##business-and-finance#elonmusk#fidelityinvestments#socialmedia#twitter#valuation
- Elon Musk's X now worth 71% less than when billionaire bought it as Twitter New York Post
- 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
- Twitter-backer knocks billions off its value after Musk's 'go f--- yourself' outburst The Telegraph
- Fidelity Devalues Twitter Stake by $2.85B Amid Controversy BNN Breaking
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