Elon Musk’s platform, X (formerly Twitter), has seen a 71% drop in value since his purchase in late 2022.
Fidelity, part of the investment group, made this valuation, marking the second time the platform’s value has decreased in 2023.
Musk had been critical of Twitter before acquiring it, citing concerns about its impact on democracy. (Trending: Melania Trump Announces Big Change For 2024)
Following the acquisition, Musk made significant layoffs and took a confrontational stance toward advertisers threatening to leave the platform.
Additionally, Musk made controversial remarks to advertisers and apologized for endorsing an antisemitic conspiracy theory following an advertiser exodus.
Musk said, “What this advertising boycott is going to do is, it is going to kill the company. And the whole world will know that those advertisers killed the company,” he continued.
“Don’t advertise. If someone is going to try and blackmail me with advertising? Blackmail me with money? Go —- yourself,” said Musk.
“Go —- yourself, is that clear? Hey Bob, if you’re in the audience. That’s how I feel, don’t advertise,” Musk said, in reference to Disney CEO Bob Iger.
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