Check out what's being clicked on FoxBusiness.com
The value of X, the platform formerly known as Twitter, is now 71% lower than when Elon Musk acquired it in late 2022, according to Fidelity.
The investment group made the assessment on Monday, marking the second time it has reduced X's value in 2023, Axios reported. Musk bought the social media giant for $44 billion.
Fidelity was part of the investment group that helped Mr. Musk acquire Twitter in a deal consisting of $33.5 billion in stock, with the remainder financed by debt to transform the company into a private company after the deal closes in October 2022.
Twitter and Fidelity did not immediately respond to requests for comment from FOX Business.
Elon Musk meets with Israeli president amid anti-Semitism controversy
In this photo illustration, the “xAI” logo is displayed on a mobile phone screen in front of a photo of Elon Musk on July 13, 2023. (Hakan Nural/Anadolu Agency via Getty Images/Getty Images)
Musk has been highly critical of Twitter since before he bought it and changed its name. posed a threat to democracy And civilization itself. He claimed that the platform was spreading a left-wing “mind virus” due to fundamental biases in the company's management and employee base.
Musk laid off thousands of employees in his first months of leadership at X, but continued to be blunt with advertisers and threatened to leave the platform.
Elon Musk's X could lose $75 million by year-end as advertisers flee: Report
In late November, Mr. Musk told advertisers leaving the platform to “get rid of yourself.”
In his first months of leadership at X, Musk laid off thousands of employees, continued to take a defiant stance against advertisers, and threatened to exit the platform. (Chesnot/Getty Images/Getty Images)
“What this advertising boycott is going to do is put the company out of business,” Musk said. “And the whole world will know that those advertisers have put the company out of business.”
in response to Disney CEO Bob IgerMusk, who has previously talked about Disney pulling advertising from its platform, didn't hold back.
“Don't advertise. What if someone tries to blackmail me with an ad? Blackmail me with money? Stop it yourself,” Musk said, adding: , if you're in the audience. That's how I feel, please don't advertise. ”
Bob Iger and Elon Musk (Getty/Getty Images)
During the interview, Musk also apologized for supporting an anti-Semitic conspiracy theory for a post by X that helped drive an exodus of advertisers.
CLICK HERE TO GET THE FOX BUSINESS APP
Musk's comments came days after he visited Israel, toured a kibbutz attacked by Hamas terrorists and met with leaders.
FOX Business' Eric Revell and Bradford Betz contributed to this report
