Elon Musk's X loses 71% value amid advertising difficulties
Elon Musk's X loses 71% value amid advertising difficulties (Getty Images)
X company, formerly Twitter, has faced a massive drop of more than 71% in its value since Elon Musk bought it in October 2022, according to Business Insider.
According to Fidelity's asset manager, now X is worth 71.5% less than when Musk acquired it for $44 billion.
Elon Musk (Getty Images)
Not the first time
This isn't the first time Fidelity has lowered X's value since Musk took over. In May, Fidelity estimated X to be worth only $15 billion, 33% of Musk's purchase price, Bloomberg reported.
Tough year for X
In 2023, X had a tough time with advertisers. Musk shared in a post in July that the company was struggling financially due to a major drop in advertising.
In November, big names like Disney and IBM pulled their ads after Musk seemed to support an antisemitic post. Elon Musk agreed with a post on X that blamed Jews facing antisemitism amid the Israel-Hamas war for promoting " the exact kind of dialectical hatred against whites, that they claim to want people to stop using against them."
Musk apologized but criticized the advertisers. "If somebody is going to try to blackmail me with advertising? Blackmail me with money? Go fuck yourself," Musk said in an interview.
X will become a paid platform
Recently, Elon Musk announced that X would become a paid platform. This promise has now been realized, and the platform is currently testing paid usage. The annual fee may vary from 8 to 115 US dollars depending on the country and local currency. Additionally, the cost depends on the device on which you use the new X.
