Billionaire Elon Musk’s social media platform “X”, formerly known as “Twitter”, has lost half of its value within a year, according to the media.
After transferring some shares to the company’s employees, the value of “X” was estimated at 19 billion US dollars, Fortune magazine and Bloomberg news agency reported on Monday. Musk bought the company in October 2022 for $44 billion, renamed it “X” and announced that he wanted to expand the platform’s functions, including offering financial services.
After coming under Musk’s ownership, the platform lost about half of its advertising revenue, and many companies still avoid advertising on “X”.
Musk tried to compensate for this by introducing a subscription fee for users. To buy X, Musk also took out about $13 billion in loans, which have now become a heavy burden on the platform, with annual interest payments of about $1.2 billion.
Īlons Masks. Foto: Alain JOCARD / AFP
2023-10-31 06:07:52
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