Elon Musk’s X has lost over 71% of its value since the mercurial billionaire acquired it in October 2022, says asset manager Fidelity. Fidelity says the company is now worth 71.5% less than when Musk bought it…
NEW YORK POST
X, the platform formerly known as Twitter, is worth 71% less now than it was when Elon Musk bought it in late 2022, according to Fidelity.
The investment group made the valuation on Monday, the second time it dropped the value of X in 2023, Axios reports. Musk had purchased the social media giant for $44 billion.
Fidelity was part of the investment group that helped Musk take over Twitter in a deal consisting of $33.5 billion in equity, with the remainder financed with debt to convert it into a privately held company after the deal closed in October 2022.
Twitter and Fidelity did not immediately respond to requests for comment from FOX Business.
Musk had been deeply critical of Twitter prior to his acquisition and renaming of the company, arguing that it posed a threat to democracy and civilization itself.
He argued the platform had been propagating a left-wing “mind virus” due to the basic bias of the company’s leadership and employee base.
Musk fired thousands upon thousands of employees in the opening months of his leadership at X, and he has maintained a cavalier attitude toward advertisers and threats to pull away from the platform.
