Back in the year 2022, Elon Musk bought Twitter now known as X.
Today, Fidelity, a financial services company, reported that X is now worth 71% less than when Musk bought the platform for $44 billion. One could argue that there's a touch of irony here because Fidelity "was a part of the investment group that helped Musk take over Twitter in a deal consisting of $33.5 billion in equity" according to an article by Fox Business.
In another article from The Guardian, it was stated "Fidelity's estimate would place the value of X at about $12.5bn." Neither X nor Fidelity has responded to Fox Business's request for comments.
Some Background on Elon Musk and Twitter
Before Musk made the move to purchase the platform, he criticized it for its left-leaning views and that it had been cultivating a "woke mind virus". Once purchased massive layoffs were to follow and everything with the former blue bird icon was removed from office spaces. In a tweet on October 27th, 2022 Musk went into his motivation for buying Twitter stating "The reason I acquired Twitter is because it is important to the future civilization to have a common digital town square where a wide range of beliefs can be debated in a healthy manner, without resorting to violence. There is currently great danger that social media will splinter into far right-wing and far left-wing and far left-wing echo chambers that generate more hate and divide our society."
Soon after Musk started going to work on X, Meta, once known as Facebook, introduced its platform known as Threads which seemingly combines both Instagram and Twitter leading to a back and forth between Musk and Meta founder, Mark Zuckerberg.
Finally, last year in response to advertisers breaking away from the platform, X, Musk simply said "Go F*** yourself" during an interview at The New York Times Dealbook Summit.
He then went on to state "What this advertising boycott is going to do is, it is going to kill the company. And the whole world will know that those advertisers killed the company.
