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 plunged more than 71 percent 15 months after being owned by Elon Musk.
According to a report by Bloomberg, the net worth of X has decreased by 71.5% compared to October 2022.
The data released by the company called Fidelity revealed a record decline in the value of X.
This is not the first time that Fidelity has reported on the company’s impending decline in value.
The company said in October that X had fallen more than 50 percent to $19 billion.
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.
2023 turned out to be a pretty bad year for the Elon Musk-owned social media platform.
In July 2023, Elon Musk stated in an X-Post that the company was facing financial difficulties due to a decrease in advertising.
He said that the advertising revenue has decreased by more than 50% while the company is also burdened with debt.
In November, several companies stopped advertising X after a controversial post by Elon Musk.
Elon Musk later apologized for the post and criticized the companies boycotting X.
But after some time he admitted that this boycott could destroy the company.
He said on this occasion that the whole world will know that these companies destroyed X.
It should be noted that Elon Musk is also trying to turn X into a super app, which he expects will increase the company’s revenue, but for how long, it’s hard to say.