Twitter (X) plunges 71% after Musk buys — The Guardian cites Fidelity, which owns a stake in the company.
The purchase of the social network took place in October 2022. The value of the deal was $44 billion. Musk did not hide that he overpaid, and many experts noted that the company's valuation was overstated. However, the billionaire was sure that Twitter had incredible potential.
Currently, according to Fidelity's estimate, the value of the social network has fallen to $12.5 billion.
X's monthly users fell 15% in the first year after Musk took over, and ad revenue dropped 20%.
