The value of social network X has fallen by 71% since its purchase by Elon Musk
Social network X (Twitter) has lost 71% of its value after being bought by Elon Musk, according to Fidelity.
This was reported by The Guardian.
By owning a stake in X Holdings, Fidelity claims that the value of its shares has decreased by 71.5%. Musk acquired Twitter for $44 billion and renamed it X. During the first year after the acquisition of X, the number of monthly users decreased by 15% due to the growth of hate speech on the platform. After Musk came to power, X laid off staff and reduced the number of moderators.
The European Union has also issued a warning to Musk after discovering that X has the highest percentage of disinformation posts of any major social network.
The social network’s reputation was also affected by the fact that Musk restored access to the platform to several people, including former President Trump and right-wing conspiracy theorist Jones.
Meanwhile, Jones offered to pay $55 million over 10 years to the families of Sandy Hook victims after he was convicted of spreading lies that the Newtown school killings were part of a hoax. A Texas judge found him guilty and ruled that Jones could not avoid paying nearly $1.5 billion to the victims’ families. Many people who believe Jones’ lies have insulted and threatened the victims’ families.
