In a recent disclosure obtained by Axios, mutual fund Fidelity has revealed a significant downturn in the fortunes of the social media platform X.
The social media platform was purchased by Elon Musk for $44 billion in October 2022 and rebranded from Twitter in July 2023. The name change stirred some controversy, but Musk’s takeover also caused some negative user opinion as site glitches threatened the longevity and integrity of the platform.
Since Musk's acquisition, where he has continued to change the pace of X for creators, the platform's value has plummeted by 71.5%, with Fidelity now estimating its worth at approximately $12.5 billion.
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