The value of X (formerly Twitter) continues to circle the toilet at an impressive rate.
According to an analysis by investor Fidelity, the social media platform is currently worth 79% less than when Elon Musk acquired it.
Elon Musk’s X is losing users in the US, UK and EU. X’s own data proves this.
The financial platform should also know what it’s talking about, as it helped Musk acquire X in 2022 and owns a stake in the company. According to TechCrunch, Fidelity’s initial investment was $19.66 million. Meanwhile, Fidelity’s latest financial report lists the value of its X shares at $4,185,614.
Mix and match speed of light
Surprisingly, the drop was about 79%.
To be fair, the writing has been on the wall for a while. In January 2024, Fidelity had reduced the valuation of its stake in X by 71.5%, and recent filings make it clear how much X’s revenue has fallen significantly. Meanwhile, a new report suggests that advertisers have fled Musk’s platform in droves and plan to spend less on X in 2025.
Elsewhere, Brazil is competing with the platform, while the US and UK are seeing dwindling X user numbers.
Doesn’t look good, does it?
