Less than a quarter of its purchase price. In April 2022, two-and-a-half years after acquiring the social network, Elon Musk achieved X valuation. That’s a new estimate from investment fund Fidelity Investments, which suggests it had a stake of up to 78.7% at the end of August. Remember that the tycoon paid 44 million dollars to become the owner of Twitter.
A recent report from the investment fund, which at the time invested nearly $300 million in X’s acquisition, estimates that the social network is now worth just $9 million.
This isn’t the first time Fidelity has lowered its estimate of the old Twitter’s value. Last January he stated that the true cost of the application was 71.5% of the amount paid by the businessman. Similarly, it is reducing its share in the Madness application from 2022 onwards.
Everything points to Elon Musk’s influence and advertising becoming more of a burden than an asset to his own companies. Last January, Elon Musk said in an interview that the social network was currently inaccessible to Brazilians by advertisers who had withdrawn their ads.
In addition, the application now has real competition in the field of social networks. Threads, Meta’s alternative For example, after the X veto in Brazil, the social network had more than 1 million new users in just one week. Among the claims, users appreciate content control, personalization and Bluesky’s algorithm, which is less aggressive than the current X.
According to the latest data provided by Bluesky Chief Operating Officer Rose Wang, the social network now has 7 million active users, a tiny fraction compared to Twitter’s more than 250 million, but still a success for the already-launched platform. February this year.
