According to Fidelity, X (formerly known as Twitter) is now worth 71% less than when it was purchased by Elon Musk in late 2022. This is the second time in 2023 that Fidelity has lowered the value of X. Musk had bought the social media platform for $44 billion, with Fidelity being part of the investment group that helped him take over the company.
Prior to acquiring and renaming the company, Musk had been highly critical of Twitter, stating that it posed a threat to democracy and civilization itself. He believed that the platform propagated a left-wing "mind virus" due to the bias of its leadership and employees.
Since taking over, Musk has fired thousands of employees and has maintained a defiant attitude towards advertisers and threats to leave the platform. In late November, Musk told advertisers who were leaving the platform to "go f--- yourself," stating that their departure would lead to the company's demise.
Musk's comments came in response to Disney CEO Bob Iger discussing the possibility of pulling advertising from the platform. Musk did not hold back in his response, telling Iger to "go f--- yourself" and stating that if someone tried to blackmail him with advertising, they should also "go f--- yourself."
In summary, the value of X has significantly decreased since Elon Musk's acquisition, and he has taken a strong and controversial approach in his leadership of the platform, leading to conflicts with advertisers and criticism from the public.