Fidelity Slashes Twitter's Valuation as Musk Controversies Mount

Fidelity Investments has estimated that the social media platform, now known as X after being acquired and renamed by Elon Musk, has decreased in value by 71% since Musk's purchase in late 2022. Despite the significant drop in valuation, Musk has been dismissive of advertisers withdrawing from the platform and has maintained a defiant stance, even amidst controversies such as his response to an antisemitic conspiracy theory and his recent visit to Israel. Musk's aggressive management style, including mass layoffs and confrontational remarks to advertisers, has marked his tenure at the helm of X.