Social media X, formerly Twitter, has lost more than 71.5% of its value since it was purchased by Elon Musk. This was revealed by the Fidelity mutual fund, which owns a stake in X Holdings, according to a revelation from the Axios website.
Musk acquired Twitter for $44 billion in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at around $12.5 billion. Fidelity’s rating stems from a document dated late November 2023, Axios reported, covering the fallout from a number of major companies backtracking on advertising after Musk endorsed an anti-Semitic conspiracy theory post.
The entrepreneur, in an interview during an event in New York, responded to the boycott by sending companies to hell. Musk is the richest man in the world. According to the Forbes ranking he has a net worth of 251 billion dollars. When he acquired Twitter, the entrepreneur said the task was “to try to help humanity.” After the acquisition, Musk reinstated a number of people previously banned from the platform, including former President Donald Trump and right-wing conspiracy theorist Alex Jones.
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2024-01-03 17:13:00
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