X's value plummeted after billionaire Elon Musk acquired Twitter

According to Rolling Stone , since Elon Musk acquired Twitter in October 2022 for $44 billion and renamed the platform X in July 2023, Fidelity estimates the company's value is now only around $12.5 billion. Prior to that, X's value had already fallen 65% in September 2023.

The value of X has dropped sharply since Elon Musk took over.

It's also worth noting that other shareholders of X may value their shares differently than Fidelity. However, this highlights the turmoil surrounding X since billionaire Elon Musk took ownership of the company. After Musk acquired Twitter, he promised advertisers that the company wouldn't become a "free hell for everyone" once he took control. Months after he acquired the social media platform, the New York Times published a report showing that 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 were appearing on X alongside white nationalist hashtags such as #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 requiring social media companies to disclose their content moderation policies.

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