Why in God's name does anyone think reusing the strategy Elon employed for Twitter is a good idea here? Elon has driven that company into the freaking ground.
Elon Musk's X, formerly known as Twitter, is now worth just $12.5 billion
qz.com
Elon Musk purchased
X, formerly known as Twitter, in October 2022 for $44 billion. Since then, its value has plunged 71.5%.
In late 2023, a leaked memo from the social media platform showed that X valued itself at less than half its initial value—just
$19 billion. Around the same time, Fidelity, the mutual fund giant that helped Musk purchase X, marked down the value of its shares in the privately-held company even more, putting its value somewhere
between $15 and $16 billion.
According to a new disclosure
obtained by Axios, Fidelity has written down its shares yet again—implying that as of November 2023, X is worth just $12.5 billion. The valuation includes a steep 10.7% drop in November.