Twitter/X has fallen in price by 80% since «Elon Musk took over

In 2022, Elon Musk acquired Twitter for a whopping $44 billion, starting the epic of transforming the network into a new service with «freedom of speech» called X.

At the same time, not all of Twitter’s relaunch efforts have been successful: some new features worked with errorsand the launch of a new subscription caused fake news and trolls to spread on social media. And the billionaire’s own statements, which are often were quite controversial, did not appeal to many advertisers — last year with Twitter Apple and Disney are gone (Musk then used them accused of a deliberate boycott and sent «to hell with» — this is in a more decent translation).

All these events have also affected earnings and, in particular, the value of the company — if we take into account the initial estimate of $44 billion that Musk gave during the acquisition, it has now fallen by a catastrophic 79%, according to the latest Fidelity data (due to TechCrunch).

Fidelity Investments is an American financial services holding company that helped Musk acquire Twitter (currently, it estimates its stake in the social network at about $4.19 million).

For context: Fidelity initially invested $19.66 million in Twitter (through the Blue Chip Fund), and in early August, it valued its shares in X at about $5.5 million). The current 78.7% decline means that the company now values X at about $9.4 billion.

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