The value of X dropped by more than 50% after being owned by Elon Musk

A report said about this / AFP photo
A report said about this / AFP photo

The world’s richest man, Elon Musk, bought social media platform Twitter (now renamed X) for $44 billion in October 2022.

The social media platform’s value has fallen by more than 50 percent a year after being owned by Elon Musk.

According to a report by Bloomberg, the price of one share of X is currently 45 dollars and the total value is 19 billion dollars.

Elon Musk has fired most of Twitter’s employees while also changing the company’s name to X.

Similarly, X has struggled financially since being owned by Elon Musk, and its ad revenue has fallen by more than 50 percent.

The company also has billions of dollars in debt to pay off, while efforts to increase revenue through subscription programs and other sources have so far not been successful.

So far, less than one percent of X’s customers have joined the subscription program.

In December 2022, Elon Musk said that the situation will improve significantly in 2023, but so far it has not happened.

Elon Musk is also trying to turn X into a super app that he expects will increase the company’s revenue, but for how long that will happen is hard to say.

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