Elon Musk’s social platform X, formerly known as Twitter, is now valued at nearly 80% less than the $44 billion he paid for it two years ago, according to new estimates from Fidelity.
In its annual Blue Chip Growth Fund report, Fidelity calculated that X is currently worth approximately $9.4 billion, reflecting a decline of 78.7%. The financial firm had made a $19.66 million investment in X right before Musk’s acquisition, but by the end of August 2024, that investment was estimated to be worth only $4.2 million.
Since X is a private company under Musk’s control, it does not publicly report its financial performance. However, it did announce in July that it had 570 million monthly users, a 6% increase year-over-year. In the U.S., though, monthly users dropped to 73.5 million, representing a 20% decline since Musk took over. While acknowledging he was “obviously overpaying” for the platform at the time, Musk expressed confidence in its long-term potential.
Despite the sharp drop in valuation, Musk remains financially secure, ranking as the world’s richest person with a net worth of $259.9 billion, as reported by Forbes.
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