Social Network X is worth less than half the price at which Elon Musk bought it in October 2022.
American businessman Elon Musk confirmed that the social network X (formerly Twitter) is now worth less than half of the $44 billion he paid for it last year. Rolling Stone reported it.
On October 30, Musk rewarded all X employees he didn’t fire with company shares, saying they were worth $19 billion, or $45 per share. This value is down 55% since the billionaire bought Twitter last year.
In this regard, Fidelity, which poured more than $300 million into Musk’s acquisition of the former Twitter, believes that the value of the company is 65% lower than last year.
It’s noted that the new estimate of X’s value is also a full billion dollars less than the $20 billion Musk announced in an internal email in March.
We remind you that on October 27, 2022, Musk published a letter to advertisers on his page on his social network, in which he confirmed that he had finally bought Twitter.
Recently it became known that Musk will turn the social network X into a dating site and digital bank.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.