According to Fidelity, an asset management fund with stakes in Elon Musk's company, X continues to decline in value nearly two years after changing ownership. Previously, in October 2022, Elon Musk spent $44 billion to acquire X, but the platform's value has fallen by 78.6% and is now worth approximately $9.4 billion. X is not a publicly traded company, so Fidelity's data helps estimate the social network's current value.
Reportedly, X generated $2.5 billion in advertising revenue in 2023 (only half of what it earned in 2022). X's San Francisco headquarters were closed and relocated to Texas, with remaining employees moving to smaller offices.
Furthermore, advertisers are continuing to abandon X. Specifically, according to a survey by market research firm Kantar in early September, 26% of businesses plan to reduce their advertising spending on X next year due to concerns about extremist content affecting their brand reputation. Only 4% rated X as "safe" and believed their ads would not appear in negative content, compared to 39% for Google Ads.
Previously, Fidelity also frequently valued X with a downward trend. In May 2023, more than six months after Musk took over X, the fund valued the social network at approximately $15 billion. By early 2024, this figure had dropped to $12 billion.
Source: https://kinhtedothi.vn/gia-tri-cua-x-giam-78-6.html
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