‘x‘, the social network formerly known as Twitter, has lost a third of its value since Elon Musk bought it, according to Fidelity Investments.
It is worth remembering that The tycoon acquired72% less compared to its participation when the purchase was made.
Bloomberg details that the layoffs and closure of international offices also influenced the distancing of Fidelity, which has not revealed any change in its stake in X after its November report, and, therefore, also implies that the value of the entire company fell 72%. Both X and the investor have remained cautious with the media.
On the other hand, it is estimated that Twitter, which is burdened by a debt of US$13,000 million, has only US$2,500 million in advertising sales, far from the US$1,000 million quarterly that it used to fill, Bloomberg concluded.
Source: Larepublica
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