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.
Absolutely, he is used to his lawyers being able to get him out of such messes, like when he called a rescuer a pedophile. But this time he screwed up to badly, and the lawyers couldn’t rescue him from himself.
Elon Musk is a narcissist who thinks he can do whatever he wants without consequences. Which is mostly true, as there are very few exceptions. He just happened to hit on one of them.