Social network X has fallen in price by 72% since its acquisition by Musk
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Social network X (Twitter) is now worth almost 72% less than when it was acquired by Elon Musk in October 2022. This is according to data from one of the largest investment companies in the world, Fidelity, writes Axios.
According to Fidelity, the current value of social network X is about $12.3 billion, while Elon Musk bought it for $44 billion.
At the same time, Fidelity mutual investment funds increased the value of their X Holdings shares by 32.37%. This growth could be attributed to xAI, Musk's spin-off company, which trains its large-scale language model on X data.
In July 2023, Twitter was renamed X and changed its verification system, allowing users to purchase a blue checkmark for a subscription. This caused a drain on large advertisers and, subsequently, users.
After Donald Trump won the 2024 US presidential election, the platform lost a record 115,000 US users in a single day.
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