The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.
Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.
Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn.
The number of monthly users of X dropped by 15% in the first year since Musk’s takeover amid concerns over a rise in hate speech on the platform.
It never was. I argued with people on Hacker News at the time, and those idiots I was arguing with think that if someone is foolish enough to overpay for something, it's worth the amount they paid.
They literally believe that if someone pays a million dollars for a box of dirt, that box of dirt is worth a million dollars - no concept that it's only worth what you can sell it for.