Elon Musk is undoubtedly one of the richest and most successful individuals in the world. As a billionaire who essentially created the electric vehicle market with Tesla, he’s also conquering space with SpaceX and Starlink. However, despite all these successful ventures, Musk is recently primarily associated with Twitter (X), which he acquired for $44 billion. Unfortunately, the platform, which is losing money left and right, is now worth 71% less than what Elon Musk bought it for. Here are the details…

X Now Valued at $12 Billion, Down 71% from Acquisition

If we were to say that Elon Musk hasn’t had a good night’s sleep since he took over Twitter, probably it wouldn’t be a lie. He’s constantly working on solving the platform’s biggest issue of monetizing. Of course, there are some mistakes happening in this process, and Musk isn’t responding very carefully to criticisms.

Elon Musk Twitter

For example, recently the platform was accused of antisemitism. When asked about his thoughts on the matter, Musk used the expression “go f**k yourselves” regarding the advertisers. Of course, these responses have caused the new problems instead of resolving the current ones.

Many companies, including Apple, have terminated their advertising agreements with Twitter. Under Musk’s leadership, th company took some steps to prevent such issues and avoid dependence on advertising. For instance, Grok AI introduced features such as ad-free streaming and curated sharing through the X Premium subscription. However, this doesn’t seem to have worked, as the value of X continues to decline.

Fidelity, a mutual fund that initially supported Elon Musk’s purchase the X, reduced the platform’s value by 71.5%. This drop led to the platform being worth only 28.5% of its $44 billion acquisition value in 2022. Meanwhile, competitors like Meta and Snap experienced increased stock values, positioning themselves as safer advertising options compared to X.

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