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X's worth plummeted by 73% after Elon Musk assumed leadership, Fidelity depreciates its stake
From the moment Elon Musk assumed command, the value of X has drastically fallen. Lately, Fidelity Mutual Funds, one of Musk's original supporters, has depreciated its stake and cut it down by 5.7%. Consequently, X's worth has dropped by 73%.
Elon Musk spent more than $44 billion to acquire Twitter, now known as X, despite the social media site's value being considerably lower than that amount. However, since Musk's takeover, the site's value has plummeted by nearly 73 percent. Some of Musk's early supporters, who endorsed his acquisition effort, are currently reassessing their investments and alternatives.
Fidelity Mutual Funds, an early supporter of Elon Musk, is reassessing its stance. It has been revealed that Fidelity's Blue Chip Growth Fund saw a decrease of 5.7% in the worth of its investment in X in February of this year.
After Musk bought X for $44 billion in October 2022, Fidelity Investments procured a share in it. As of the last day of February, the fund's investment in X was worth approximately $5.28 million, a decrease from $5.6 million in the preceding month.
The steady drop in the worth of the Blue Chip Growth Fund's investment in X mirrors a similar downfall in the company's total value, considering that the fund hasn't shown any shift in its stance on X.
X's difficulties have been exacerbated by the departure of advertisers, fueled by concerns over the platform's direction and unexpected changes. Even though some advertisers have come back, X's revenue from this avenue has significantly dropped.
Ever since Musk's turbulent acquisition, X has been striving to lure advertisers back to its platform. Nevertheless, ad revenues didn't meet the projected figures last year, hitting around $2.5 billion instead of the anticipated $3 billion, according to Bloomberg.
Musk drastically changed his stance on content moderation, signified by the dismissal of a large part of the moderation team and the introduction of a crowd-sourced fact-checking system called Community Notes, which faced difficulties. The platform continues to grapple with the tough task of fighting against spam, misleading information, and offensive language.
Musk's support for unrestricted speech juxtaposed with the need for careful content control has been clearly visible. Although he has promised to promote the principles of unregulated speech, Musk has simultaneously conceded to removal demands and limited content from despotic governments. Striking a careful equilibrium is crucial for sustaining a wholesome online environment.
(Incorporating information from various sources)
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