Elon Musk bought Twitter for $44 billion
© REUTERS / David Swanson
The value of the social media platform has fallen by 79 percent since Elon Musk took over.
The social network X (formerly Twitter) has lost much of its value, according to a new analysis. Elon Musk bought the platform in October 2022 for 44 billion dollars. Now all she has to do is 9.4 billion dollars be worth.
➤ Read more: One year after the takeover: How Elon Musk trashed Twitter
This assessment comes from from the investment firm Fidelity. The company has the value of its shares in X $4.18 million appreciated. They originally paid $19.66 million for that. At the end of July, Fidelity only had its shares in the company $5.6 million appreciated. So X continues to decline.
➤ Read more: According to Elon Musk, Twitter has lost more than half of its value
As early as March 2023, Elon Musk himself declared that Twitter was only worth less than half. At the time, he valued the platform at $20 billion. Based on the Fidelity publication, the total value of X is now 9.4 billion dollars appreciated. This means the loss of value 78.7 percent. The Techcrunch first reported.
Advertising partners turn away
The platform’s financial situation has been poor for a long time. One reason for this is that more and more advertisers turned away from X after the Musk takeover.
➤ Read more: “Now it’s war”: Musk is suing renegade X-advertisers
So the advertising revenue is gone 50 percent collapsed, the billionaire explained in July 2023. Musk had recently threatened the renegade advertisers with lawsuits with the words “Now it’s war.”
