X’s value decreased by 71.5% after Elon Musk’s purchase – Fidelity

The value of social network X decreased by 71.5% after it was acquired by Elon Musk in 2022, reported Axios with reference to the data of the investment company Fidelity.

The investor helped the billionaire buy the platform, then called Twitter, for $44 billion. Fidelity invested $300 million in this deal. However, the shares it owns are losing value. In November alone, the decline was 10.7%.

As you know, it was in November that the billionaire told advertisers who were terminating their cooperation with X to go fuck themselves. He accused brands of blackmail and said that advertisers’ actions would kill the social network.

Companies began to refuse corporate advertising on the platform after another scandal. The organization Media Matters claimed that brands’ ads appeared on the platform next to pro-Nazi content. X accused Media Matters of defamation and filed a lawsuit.

Analysts assume that this situation and the billionaire’s behavior will lead to X losing even more advertisers.