Elon Musk’s takeover threw the social network into turmoil. Fund manager Fidelity estimates that the social network is now worth less than a third of its purchase value.
The damage was already significant over a year, but X, formerly known as Twitter, continues to see its value fall. Fund manager Fidelity, which helped Elon Musk take over the company, estimates that the social network is now worth less than a third of its purchase value.
The platform would therefore be valued at around $12.5 billion, a far cry from the $44 billion paid by Elon Musk to acquire it.
Since the takeover by the Tesla boss, significant changes have taken place at X. Most of Twitter’s employees have been fired or resigned.
Content rules were changed and the company suffered a loss of more than half of its advertising revenue.