The American investment company Fidelity announced that the social network X (formerly Twitter) has lost more than 71 percent of its value since it was bought by multibillionaire Elon Musk in October 2022.
Musk bought Twitter for 44 billion dollars, and Fidelity, which has an ownership stake in this social network, estimated it to be worth 15 billion dollars already in May of last year. That’s a third of what Musk paid.
American media believe that the previous year was difficult for X and his relations with advertisers. Musk said in July that the company was in dire financial straits due to a major cutback in advertising when he changed Twitter’s name.
Companies like Disney and IBM ended advertising on X in November after Musk endorsed what many saw as an anti-Semitic message.
Musk later apologized for supporting the aforementioned message, but criticized those who stopped advertising on his social network. He admitted that the boycott could, as he said, kill the company, reports Business Insider.
