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.

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[–] 9 points 2 years ago* (2 children)

well Musk is pro Trump isn't he? didn't trump sign a most lucrative weapons deal with the Saudis?

a few billion is nothing to the saudis in exchange to controlling a narrative over a huge number of easy to manipulate people

they will have splashed about 10x 22 billion just on a world cup to do a bit of sport washing of their image.

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