Activities
Divisions
Performances
Activities
Divisions
Performances
The worth of X plummeted 73 percent after Elon Musk assumed leadership, prompting Fidelity to decrease its stake
From the moment Elon Musk assumed command, the worth of X has seen a significant decline. Recently, Fidelity Mutual Funds, a primary supporter of Musk at the outset, cut down its stake by 5.7 per cent. Consequently, the value of X has plunged by 73 percent.
Elon Musk shelled out an excess of $44 billion to acquire Twitter, currently referred to as X, even though the value of the social network was far less than that amount. However, since Musk's takeover, the worth of the platform has drastically plunged by approximately 73%. Furthermore, several of Musk's original supporters, who initially endorsed his acquisition attempt, are presently reassessing their investments and alternatives.
Fidelity Mutual Funds, a primary supporter of Elon Musk from the start, is reconsidering its stance. The Blue Chip Growth Fund of Fidelity reported a decrease of 5.7% in the value of its stake in X in February of this year.
After Musk bought X for $44 billion in October 2022, Fidelity secured a share in the company. As of February 29, the fund's investment was valued at $5.28 million, a decrease from $5.6 million a month earlier.
The ongoing drop in the value of the Blue Chip Growth Fund's investment in X mirrors a similar decrease in the company's total value, considering that the fund hasn't shown any shift in its stance towards X.
A significant reason for X's difficulties has been the departure of advertisers, fueled by concerns about the platform's direction and unstable changes. Even though some advertisers have come back, X's income from this source has noticeably dropped.
Ever since Musk's turbulent acquisition, X has been striving to draw advertisers back to its platform. Despite these attempts, the revenue from ad sales last year did not meet the anticipated amount, garnering roughly $2.5 billion instead of the projected $3 billion, as stated by Bloomberg.
Musk's method for content regulation drastically changed, marked by substantial cuts in the moderation team and the initiation of a public fact-verification system called Community Notes, which faced issues. The platform continues to grapple with the tough task of tackling spam, false information, and offensive language.
Musk's support for unrestricted speech and the need for careful content regulation has been clearly visible. Even though he has committed to preserving the values of free speech, Musk has also complied with removal demands and limited content from oppressive governments. Striking a subtle equilibrium is crucial to sustain a wholesome online environment.
(Incorporating information from various sources)
Search for us on YouTube
Highlighted Programs
Connected Articles
If you boast more than 2500 confirmed followers on X, Elon will reward you with Premium perks at no cost
Russia is sidestepping restrictions to seize control of Ukraine's Starlink infrastructure to orchestrate drone strikes
VIEW: Paraplegic man can play video games using 'telepathy' thanks to Elon Musk’s Neuralink BCI chip
Musk asserts his ketamine consumption benefits investors: What exactly is this substance and is it safe?
If you have over 2500 verified followers on X, Elon will provide you with Premium benefits for free
Russia is circumventing sanctions to take over Ukraine's Starlink system to direct drone assaults
SEE: Elon Musk’s Neuralink BCI chip enables a paraplegic man to play video games via 'telepathy'
Musk claims his use of ketamine is advantageous for investors: What is this medication and how secure is it?
Locate us on YouTube.
Headlining Broadcasts
Associated Reports
If you have more than 2500 confirmed followers on X, Elon is offering you premium services at no cost.
Russia is circumventing embargoes to seize control of Ukraine's Starlink system to orchestrate drone assaults.
SEE: Elon Musk's Neuralink BCI device enables a paraplegic man to engage in video games via 'telepathy.'
Musk asserts his ketamine consumption benefits shareholders: Discover what this substance is and its safety level.
If you have more than 2500 confirmed followers on X, Elon is offering you premium services at no cost.
Russia is circumventing embargoes to seize control of Ukraine's Starlink system to orchestrate drone assaults.
SEE: Elon Musk's Neuralink BCI device enables a paraplegic man to engage in video games via 'telepathy.'
Musk asserts his ketamine consumption benefits shareholders: Discover what this substance is and its safety level.
Available on YouTube.
Firstpost holds all rights and protections under copyright, effective 2024.
+ There are no comments
Add yours