After Elon Musk acquired the social network X, which was Twitter at the time, in 2022, its market value fell by 78.7%. This is reported by TechCrunch.
The value of Elon Musk’s social network was calculated by Fidelity, a financial services holding company. Before Musk’s acquisition of X, the social network was worth $44 billion, but as of the end of August, it had dropped to about $9.4 billion.
Fidelity’s holding company had previously invested $19.66 million in X itself through the Blue Chip Fund. As of the end of July, the company estimated the value of its shares in the social network at $5.5 million.
In addition to the fact that the cost of the social network is falling sharply, advertisers have also started to leave the platform under Elon Musk’s leadership, and those who remain are spending less money.
