Elon Musk bought Twitter last year for $44 billion. However, since then, various changes have been made to the platform, up to the rebranding to X.
Most recently, through Fidelity's partnership, they assessed that X shares had lost 71.5% in value compared to the sale price. For information, Fidelity has invested around $300 million during the takeover of Twitter by Elon Musk before. Based on this private valuation done by Fidelity, that puts X's value today at around $13 billion – which is quite a loss for a tech company.
Previously, some advertisers have withdrawn from advertising on the platform, in addition to some content creators who have switched to open platforms such as Mastodon and Bluesky, in addition to Meta's competitor, namely Threads.
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BUSINESS & MONEY