Mutual fund Fidelity, which owns stake in social media platform, marks down value of its shares in disclosure obtained by Axios

The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.

Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.

Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn.

The number of monthly users of X dropped by 15% in the first year since Musk’s takeover amid concerns over a rise in hate speech on the platform.

  • 𝔹𝕝𝕒𝕔𝕜 𝕊𝕜𝕚𝕟𝕟𝕖𝕕 𝕁𝕖𝕨@lemmynsfw.com
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    11 months ago

    Musk it’s a CIA agent a he accomplished the work of buying Twitter to make it follow the agenda, it was getting into a progressive left wing place, now it’s a christofascist right wing place. For him owners it’s not wasted money just a well made investment into the spreading of misinformation and fascist propaganda.

    He it’s just giving some favors back to his investors.