According to Fidelity, Elon Musk’s purchase of X, the platform formerly known as Twitter, in late 2022, resulted in a 71% decrease in value.
As reported by Axios, the investment group undervalued X for the second time on Monday when it made the appraisal. The massive social media company was acquired by Musk for $44 billion.
In October 2022, Fidelity was a member of the investment group that assisted Musk in acquiring Twitter for $33.5 billion in stock. The remaining amount was funded by debt, allowing the firm to become a privately held entity.
Requests for comments from FOX Business were not immediately answered by Fidelity or Twitter.
Previously to his purchase and rebranding of the firm, Musk had been a harsh critic of Twitter, claiming that it threatened democracy and civilization altogether. He contended that because of the fundamental bias of the company’s staff and leadership, the platform has been spreading a left-wing “mind virus”.
Under Musk’s leadership at X, tens of thousands of workers were let go, and he has threatened to leave the platform and treated advertisers with contempt.
“What this advertising boycott is going to do is, it is going to kill the company,” Musk claimed. “And the whole world will know that those advertisers killed the company.”
Musk did not mince words when he responded to Disney CEO Bob Iger, who had before talked about Disney removing advertisements from the platform.
Don’t promote. Should anybody attempt to use advertising as a kind of blackmail against me? extort me financially? “Go f— yourself,” Musk uttered, emphasizing the necessity of doing so. Hello, Bob, to those of you in the crowd. Don’t promote; that’s how I feel.
Musk also expressed regret in the interview for supporting an antisemitic conspiracy theory in reaction to a post on X that sparked a boycott of advertisers.
Shortly after visiting a kibbutz that was targeted by Hamas militants and having discussions with high-ranking officials, Musk made his remarks.