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  • Writer's pictureBy The Financial District

Musk’s Takeover Sinks Value Of X By 71%

Elon Musk’s X is now worth less than a third of the price the billionaire paid for the former Twitter Inc., as reported by Axios, citing disclosures by Fidelity, an investment firm that helped Musk complete the $44 billion purchase, according to Vlad Savoy of Bloomberg News.

X is now worth 71% less after Elon Musk took over and burned its bridges with advertisers. I Photo: Elon Musk X

The value of Fidelity’s stake at X skidded by a further 11% as of the end of November, Axios said, citing the latest portfolio update for Fidelity’s Blue Chip Growth Fund.

It’s the latest in a series of markdowns by Fidelity after closely held X struggled to win back advertisers in 2023.

Musk’s acquisition of Twitter in late October 2022 was followed by a cascade of abrupt changes, from drastic layoffs and shuttering of international offices to upending the platform’s moderation policies and verification system, as reported by Adam Gabbatt of The Guardian.

All told, Kwan Wei and Kevin Tan reported for Business Insider, X is now worth 71% less after Elon Musk took over and burned its bridges with advertisers. It means the firm is now valued at $12.78 billion.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The upheaval put off advertisers, and 2023’s revenue from ad sales is estimated to come in at $2.5 billion, far below the prior rate of roughly $1 billion per quarter, Bloomberg News reported last month.

In November, Musk famously told advertisers that abandoned X over his endorsement of an antisemitic post that they can “f——” themselves.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Earlier that month, Musk agreed with a post that said Jewish people held a “dialectical hatred” of White people. That message has since drawn criticism from the White House as well as several Tesla Inc. investors. Major corporate spenders, including Walt Disney Co. and Apple Inc., distanced themselves from the platform.

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