‎“X” platform market value declines by 71.5%… Musk loses $31 ‎billion

Sources revealed that the market value of the “X” platform owned by American billionaire Elon Musk decreased by 71%, compared to what it was when Elon Musk bought it in late 2022 for a deal valued at $44 billion, according to Fidelity.

Musk bought the social media giant for $44 billion, in a deal that witnessed push and pull.

According to “Russia Today,” the newspaper “Axios” reported: “According to data from the Fidelity Investment Fund, the value of the social networking network “X” (formerly Twitter) has decreased by 71.5% from what it was at the time of its purchase.”

The newspaper also pointed out that although the Fidelity Fund helped Musk buy Twitter, it may not have accurate financial information, and despite its acquisition of shares in the company, other shareholders may evaluate the value of the social network differently. .

It is noteworthy that Musk topped the list of the 500 richest people in the world, and during the year 2023 he was able to earn $95.4 billion, according to what Bloomberg reported.

She said in a statement that Musk, owner of SpaceX and Tesla, continues to top that list, thanks to the success achieved by his two aforementioned companies.

X’s advertising revenues are expected to reach $2.5 billion in 2023, which is significantly lower than the previous rate of about $1 billion per quarter, according to Bloomberg forecasts.