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Happenings
Divisions
Performances
Since Elon Musk took the helm, X's worth has plummeted by 73 percent, leading Fidelity to downgrade its investment
The moment Elon Musk assumed command, there was a significant drop in X’s worth. Lately, Fidelity Mutual Funds, one of Musk's early supporters, has downgraded its investment by 5.7 percent. Consequently, X's worth has decreased by 73 percent.
Elon Musk shelled out more than $44 billion to acquire Twitter, now known as X, despite the social media network not being valued nearly as high. Yet, since Musk's takeover, the worth of the platform has plummeted drastically, almost by 73 percent. Some of Musk's early supporters, who supported his acquisition, are now reassessing their investments and alternatives.
Fidelity Mutual Funds, an early supporter of Elon Musk, is reconsidering its stake. The company's Blue Chip Growth Fund announced a decrease in the value of its shares in X by 5.7 percent in February of this year.
After Musk bought X for $44 billion in October 2022, Fidelity gained a share in it. By February 29, the fund's value of its stake had dropped to $5.28 million from $5.6 million a month earlier.
The ongoing decline in the worth of the Blue Chip Growth Fund's investment in X mirrors a corresponding decrease in the overall value of the company, considering that the fund hasn't signaled any modification in its stance towards X.
X's challenges have been exacerbated by the departure of advertisers, who are concerned about the platform's direction and unexpected changes. Even though some advertisers have come back, X's income from this avenue has significantly dropped.
Following Musk's turbulent acquisition, X has been striving to lure advertisers back to its platform. Despite these efforts, advertising sales did not meet the projected figures last year, garnering around $2.5 billion instead of the anticipated $3 billion, according to Bloomberg.
Musk's strategy for content moderation experienced a radical change, marked by the dismissal of a large part of the moderation team and the introduction of a community-based fact-checking system called Community Notes, which faced difficulties. Fighting against spam, misinformation, and hate speech continues to be a tough task for the platform.
The conflict between Musk's support for unrestricted discourse and the need for accountable content supervision is apparent. Even though he has committed to maintaining freedom of expression, Musk has equally complied with removal demands and limited content from autocratic governments. Striking a careful equilibrium is crucial for preserving a robust online environment.
(Incorporating information from various sources)
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