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Arthur T Knackerbracket [soylentnews.org] writes:

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Arthur T Knackerbracket has processed the following story [mashable.com]:

The value of X (formerly Twitter) [mashable.com] 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 [mashable.com] 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 [techcrunch.com], was $19.66 million. Fidelity's latest financial report [fidelity.com], 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 [mashable.com], and recent documents made it clear just how much X's revenue has plummeted [mashable.com]. Meanwhile, a new report has suggested that advertisers — who were already fleeing Musk's platform en masse [mashable.com] — are planning to spend even less on X in 2025 [mashable.com].

Elsewhere Brazil is battling the platform [mashable.com], and the number of X users in the U.S. and the UK is decreasing [mashable.com].

Not looking great, is it?

Original Submission