In October 2022, Elon Musk spent $44 billion to acquire X, but the platform's value has now dropped 78.6% to about $9.4 billion.
According to data from Fidelity, the asset management fund that owns shares in Elon Musk's company, nearly two years after being owned by the South African billionaire, X (formerly Twitter) continues to decline in value. The value of this social network is assessed by the fund based on the shares invested.
Specifically, Fidelity invested $19.66 million when Musk bought Twitter. By the end of July, the value of that stake had dropped to just $5.5 million. Based on that ratio, the $44 billion Musk spent in 2022 is now worth $9.4 billion.
According to Fortune, X's advertising revenue in 2023 is 2.5 billion, only half of 2022.
Meanwhile, advertisers are continuing to abandon X. A September survey of 1,000 executives and 18,000 consumers in more than 20 countries by market research firm Kantar found that 26% of businesses plan to reduce spending on advertising on X next year due to concerns about extremist content affecting their brand reputation. This is the highest rate among major global advertising platforms. Only 4% rated X as “safe”, compared to 39% for Google Ads.
Previously, X was also continuously priced by Fidelity with a downward trend in value.
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