The value of Elon Musk’s X has decreased, and it is now less than one-third of its purchase price

<p>The $44 billion Elon Musk paid to acquire the erstwhile Twitter Inc. has seen a substantial decline in value. Fidelity disclosed that the current value of “X” is less than one-third of the original purchase price, as reported by Axios.</p>
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<p>According to Fidelity, X’s value has dropped by 71% since Musk’s takeover in late 2022.</p>
<p>By the end of November, the Blue Chip Growth Fund at Fidelity saw a further 11% decline in the value of its holdings in X, according to the fund’s most recent portfolio report.</p>
<p>According to the research, markdowns would persist while Fidelity evaluated the privately owned, ad-funded business, which would have difficulty luring advertisers in 2023.</p>
<p>After Elon Musk purchased Twitter in late October 2022, there were some abrupt changes. These adjustments included anything from large-scale layoffs and the closing of foreign offices to a thorough revision of the platform’s verification and moderation procedures.</p>
<p>Advertisers were put off by the unrest, and Bloomberg News revealed last month that the projected income from ad sales for 2023 is only likely to reach $2.5 billion, a substantial decrease from the previous quarterly pace of over $1 billion.</p>