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X gets valuation cut from Fidelity, says, ‘less than third of purchase price’

Livemint · 1y

According to Axios, Elon Musk's acquisition of the social media platform X is now worth less than a third of what he paid for it. Fidelity, which assisted in the purchase, recently reduced the value of its holding in X by 11% as of the end of November. The company has faced challenges attracting advertisers and has experienced a decline in revenue. Musk's controversial statements and actions have also contributed to the platform's struggles, leading to major advertisers distancing themselves.