The value of X decreased by 78.6%

According to data from Fidelity, the asset management fund that owns shares in Elon Musk's company, X is continuing to decline in value after nearly 2 years of changing owners. Previously, in October 2022, Elon Musk spent 44 billion USD to acquire X, but the value of the platform has decreased by 78.6% and is now about 9.4 billion USD. X is not a publicly traded company, so data from Fidelity helps estimate the value of this social network.

The value of X decreased by 78.6%

X is known to earn $2.5 billion in advertising revenue in 2023 (only half of 2022). And X's headquarters in San Francisco has been closed and moved to Texas, the remaining employees have to move to a smaller office.

In addition, advertisers are continuing to abandon X. Specifically, according to a survey by market company Kantar in early September, 26% of businesses plan to reduce advertising spending on X next year due to concerns about extremist content affecting brand reputation. Only 4% rate X as "safe" and their ads do not appear in negative content, while the rate for Google Ads is 39%.

Fidelity has also been valuing X at a declining rate. In May 2023, more than half a year after Musk took over X, the fund valued the social network at around $15 billion. In early 2024, that figure dropped to $12 billion.

Source: https://kinhtedothi.vn/gia-tri-cua-x-giam-78-6.html