SOCIAL media platform X/Twitter has lost 71% of its value since Elon Musk took over the site, according to an investment fund.
Fidelity, a mutual fund which owns a stake in X Holdings, the parent company of X, said it had marked down the value of its shares in the company by 71.5% since Musk purchased the site.
Currently, Fidelity estimates the value of X at around $12.5 billion.
The tech billionaire acquired Twitter for $44 billion October 2022. He then renamed the site 'X' in July 2023.
After Musk took over the site many companies halted their advertising spending.
In reaction to the news that companies were no longer willing to advertise on X, Musk said: “If someone is going to try and blackmail me with advertising, blackmail me with money, go f*** yourself.”
Musk’s tenure has been replete with controversy. He has previously suggested charging all users to access the site and reinstated the accounts of far-right figures such as Tommy Robinson and Alex Jones.
He also allowed Donald Trump back on the platform (although the former president has largely shunned X in favour of his own social media site Truth Social).
Musk even accused First Minister Humza Yousaf of being a “blatant racist” after sharing a clip of Yousaf speaking in the Scottish Parliament in 2020.
A spokesperson for the First Minister called on Musk to tackle the “racism and hatred that goes unchecked on the social media platform he owns”.
Indeed, in November a report by the Arab Center for the Advancement of Social Media found that X had become a “hotbed for hate speech against Palestinians”.
