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.
Wait, but Joe Rogan and his chubs were saying how Musk was a genius businessman and will fix the boys problem and turn it into a free speech utopia. /s
Joe Rogan chubs… Not something I ever want to think about. But to be fair, I’m sure a lot of his chuds have chubs for him.