The social media platform formerly known as Twitter is worth almost 80% less than two years ago when Elon Musk bought it, according to estimates from investment giant Fidelity.
X no longer trades publicly after Musk shelled out $44 billion to take it private in October 2022. However, Fidelity discloses what it believes is the value of its shares of X, and those estimates serve as a closely watched barometer for the overall health of the company. As of the end of August, those shares were worth just $4.2 million, according to a Sunday filing by Fidelity’s Blue Chip Growth Fund.
In November, Musk faced a backlash from brands, some of which halted spending on X, after the billionaire embraced an antisemitic conspiracy theory favored by White supremacists. Musk later apologized for what he called his “dumbest” ever social media posting. However, during that apology, Musk also told fleeing advertisers: “Go f**k yourself.” But X continues to be a major player in social media under Musk’s ownership.
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