X's value plummets after billionaire Elon Musk acquires Twitter

According to Rolling Stone , since Elon Musk bought Twitter in October 2022 for $44 billion and renamed the platform X in July 2023, Fidelity estimates the company's value is now only about $12.5 billion. Previously, X's value had dropped 65% in September 2023.

X value has dropped sharply since Elon Musk took over

It’s also worth noting that other X shareholders may value their shares differently than Fidelity. But this does illustrate the turmoil X has been in since billionaire Elon Musk took over the company. After Musk bought Twitter, he promised advertisers that the company would not become a “hellish free-for-all” when he took over. A few months after he took ownership of the social media platform, the New York Times published a report that found hate speech on the platform had increased significantly.

In November, a report by the watchdog group Media Matters found that ads for brands including Apple, Bravo, and Amazon appeared on X, alongside white nationalist hashtags like #WLM (White Lives Matter) or #KeepEuropeWhite. Shortly after the report was published, X advertisers Disney, Apple, Lionsgate, Comcast/NBCUniversal, and IBM severed ties with the platform.

Last week, X failed to block a California law that would have required social media companies to disclose their content moderation policies.

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