Elon Musk bought Twitter for $44 billionback in 2022.
Asfirst spottedby Techcrunch, newly releasedfinancial documentsfrom the investor showed X Holdings Corp taking a haircut.
This isnt the first time the investment firm has taken a haircut on the social media site.
Elon Musk, chief executive officer of Tesla Inc., at the US Capitol in Washington, DC, US, on Wednesday, July 24, 2024.© Samuel Corum/Bloomberg via Getty Images
Its financial disclosures show a history of Xs valuation sliding.
At the end of July, Fidelity valued its holdings at $5.5 billion.
Its easy to see why.
Most of Twitters big advertisersfled when it became X.
If the advertisers dont return, Musk said, the company will die.
That is what everybody on Earth will know.
Well be gone, and itll be because of an advertisers boycott.
The message, shockingly, didnt bring advertisers back.
Musks right-ward political turn hasnt endeared him to the public or advertisers either.
Hes spent the last few months tweeting conspiracy theories about immigration and dumping money into a pro-Trump PAC.
X lost even more users over the summer when it was taken offline in Brazil.
Musk went to war with a judge in the country before eventuallycapitulating to his demands.
YetX banned journalist Ken Klippensteinfrom the site after he published a dossier on J.D.
Vance he obtained from Iranian hackers.
Four years later and X is doing the exact same thing, again.
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