The value of X, formerly known as Twitter has plummeted 71% since Elon Musk took control of the company. This is according to Fidelity, the mutual fund giant who was part of the investment group which helped Musk acquire Twitter in 2022.
Prior to purchasing the social media company, Musk was highly critical of the platform’s prior regime. He previously told Joe Rogan that he bought Twitter because it was having a corrosive effect on civilization. His prior belief was that the platform’s leadership and staff elevated left-leaning narratives and silenced right-leaning opinions. With an election year upon us, many are curious if X will operate in reverse.
Since assuming control, Musk has been in the news for firing thousands of employees, and taking a strong stance against the advertising community. During a business conference in November, Musk told attendees “If someone is going to try and blackmail me with advertising, go f— yourself. Is that clear? That’s how I feel, don’t advertise.”
The latest report isn’t likely to boost confidence in X. Fidelity is known to revalue private shares one-month behind. This means the latest details represent how the company views X’s value as of November 2023. It is possible that other funds may have a higher valuation of Musk’s company.
