Twitter's Valuation Plummets by 56% in One Year, Now Valued at $19 Billion
Elon Musk has announced that he values Twitter, now known as X, at $19 billion, less than half of the $44 billion he paid for it last year. This valuation comes as Musk awarded equity to X employees, but it is disputed by mutual fund company Fidelity, which believes the company is worth 65% less. Musk's attempts to boost the company's value, including introducing a subscription fee and changing the name and logo, have not been successful, with advertisers fleeing and ad revenue dropping 50%.