Elon Musk
Mutual fund Fidelity, which owns shares in the social media platform, lowered the value of its shares in the disclosure obtained by Axios
According to investment fund Fidelity, the social media platform X has lost 71% of its value since it was purchased by Elon Musk.
Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it has reduced the value of its shares by 71.5% since Musk's purchase.
Musk acquired Twitter in October 2022 for $44 billion and renamed the platform X in July 2023. Fidelity estimates that X is worth about $12.5 billion.
“Drama Magnet”: Elon Musk’s biggest headlines in 2023
The number of monthly users of
Since Musk took over, X has cut at least 50% of its staff and reduced moderation. And in September, the European Union issued a warning to Musk after finding that X had the highest proportion of disinformation posts of any major social media platform.
Axios reported that Fidelity's revised rating of X came from a disclosure that ran through the end of November 2023. X did not immediately respond to a request for comment.
This disclosure would cover the fallout from a number of major companies stopping advertising on X after Musk supported an anti-Semitic conspiracy theory, The New York Times reported. Musk responded to the boycott by telling companies to go fuck themselves during an interview at an event in New York.
According to Forbes, Musk is the richest man in the world with a net worth of $251 billion. When he acquired Twitter, Musk said he was buying the company “to try to help humanity.”
Since the acquisition, Musk has rehired a number of people previously banned from the platform, including former President Donald Trump and right-wing conspiracy theorist Alex Jones.
Trump faces more than 90 criminal charges related to subverting the 2020 election that he lost to Joe Biden, concealing government secrets after his presidency and hush money payments to porn actor Stormy Daniels. He is also trying to fend off civil lawsuits over business matters and a rape allegation that a judge has ruled to be essentially true.
Meanwhile, Jones recently proposed paying $55 million over 10 years to the Sandy Hook families who sued him for spreading lies that the 2012 schoolhouse killings in Newtown, Connecticut, were part of a hoax that should force the USA to accept gun control.
Jones' offer came after a Texas judge ruled that Jones, the Infowars host, could not invoke bankruptcy protection to avoid paying the nearly $1.5 billion he owed to the families of victims of a one of the deadliest school shootings in US history. Supporters of Jones' lies targeted the families with insults and threats.
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