It's been almost two years since Elon Musk took over Twitter which was later renamed X. At that time Musk paid $44 billion (~RM 183 billion) to take over the social media site which is used by around 200 million monthly active users. This week the company's value is now estimated to be only around $9.4 billion (~RM 16.4 billion) which is equivalent to a 78.7% depreciation by investment firm Fidelity.
Fidelity made an investment of nearly $20 million after it was acquired and estimates their stock holdings are only worth $4.19 million. X's value is shrinking because in July they said their holdings were worth around $5.5 million.
X has been plagued by many major issues since Musk said it was a true platform for "freedom of speech". But by allowing racist, extreme and obscene content, it loses the number of advertisers.
Linda Yaccarino was appointed CEO to restore the trust of advertisers but so far she has failed as X continues to allow extreme content to be sent uncensored.