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.
Even before he bought and renamed Twitter, Musk had been highly critical of Twitter, calling it a threat to democracy and civilization itself.
He claimed that the platform is 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.
In late November, Mr. Musk told advertisers leaving the platform to “get rid of yourself.”
“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.”
Musk didn't hold back from Disney CEO Bob Iger, who previously discussed Disney pulling advertising from the platform.
“Don't advertise. What if someone tries to blackmail me with an ad? Blackmail me with money? “Go away yourself,” Musk said, adding: Hey Bob, if you're in the audience. That's how I feel, don't advertise. ”
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.
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
