| Title | Elon Musk's X Plummets In Value, Says Company That Helped Him Buy It | |
| Date | Tuesday October 01, @12:39PM | |
| Author | janrinok | |
| Topic | ||
| from the dept. | ||
Arthur T Knackerbracket has processed the following story:
The value of X (formerly Twitter) continues to circle the toilet at an impressive rate.
The social media platform is now worth 79 percent less than what it was worth when Elon Musk purchased it, according to analysis by investor Fidelity.
The financial platform should know what it's talking about, too, because it helped Musk acquire X back in 2022 and owns a stake in the company. Fidelity's initial investment, per TechCrunch, was $19.66 million. Fidelity's latest financial report, meanwhile, lists the value of its X stake as $4,185,614.
That's a yikes-inducing decrease of around 79 percent.
In fairness, the writing has been on the wall for a while. In January 2024 Fidelity already valued its stake in X at 71.5 percent less, and recent documents made it clear just how much X's revenue has plummeted. Meanwhile, a new report has suggested that advertisers — who were already fleeing Musk's platform en masse — are planning to spend even less on X in 2025.
Elsewhere Brazil is battling the platform, and the number of X users in the U.S. and the UK is decreasing.
Not looking great, is it?
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printed from SoylentNews, Elon Musk's X Plummets In Value, Says Company That Helped Him Buy It on 2024-10-06 10:21:50