According to Fidelity, a mutual fund owning a stake in X Holdings, the platform's value has dropped by 71.5% since Musk's $44 billion purchase in October 2022. This valuation places X at approximately $12.5 billion. The platform has seen a 15% drop in monthly users in the first year under Musk's leadership, amidst rising concerns over increased hate speech. Musk's tenure has also been marked by substantial staff cuts, reduced moderation, and a warning from the European Union about the high ratio of disinformation posts on X. The revised valuation from Fidelity covers the period up to November 2023, which includes the aftermath of major companies withdrawing advertising following Musk's endorsement of an antisemitic conspiracy theory.
Source: The Guardian