The value of social media platform X is currently less than a third of the amount Elon Musk once paid for Twitter.
According to Axios, American investment firm Fidelity has once again written down its shares of X. Recently, the investor found that the current value of the social media platform is about 71 per cent less than its original value when Elon Musk acquired it.
Musk bought Twitter, the original name of X, in 2022 for $44 billion.
Eccentric behavior Elon Musk
X’s value has been falling for some time, partly because of owner Musk’s eccentric behaviour. More recently, in November 2023, X’s overall company value fell by a whopping 10.7 per cent when the owner insulted advertisers who boycotted the platform, saying, “Go fuck yourselves.”
Fidelity’s shares have been depreciating in X for some time. Immediately after the acquisition, the investor was already valuing its shares in the social media platform lower. While this valuation was raised for some time in 2023, it has recently dropped significantly again.
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