X, formerly known as Twitter, has seen its value fall by a staggering 71% since Elon Musk's acquisition in late 2022.
Fidelity, a leading investment group, evaluated on Monday (January 1), marking the second instance of X's devaluation in 2023, as reported by Axios. Musk had initially acquired the social media giant for $44 billion.
Fidelity played a pivotal role in Musk's takeover of Twitter, contributing to a $33.5 billion equity investment, with the remaining funds sourced through debt financing. The deal, finalized in October 2022, transitioned Twitter into a privately held company.
Despite requests for comment from FOX Business, both Twitter and Fidelity have yet to respond to the latest valuation.
Musk, a vocal critic of Twitter before the acquisition, expressed concerns about its impact on democracy and civilization. He attributed these concerns to what he deemed a left-wing "mind virus" propagated by the platform's leadership and employee base.
In the early stages of Musk's leadership at X, he made headlines by terminating a substantial number of employees. Additionally, he maintained a bold stance toward advertisers, dismissing their concerns and threatening to distance the platform from them.
In a late November incident, Musk responded to advertisers leaving the platform with a defiant message, stating, "What this advertising boycott is going to do is, it is going to kill the company. And the whole world will know that those advertisers killed the company." He also bluntly told advertisers to "go f--- yourself."
Furthermore, Musk addressed Disney CEO Bob Iger's discussion of pulling advertising from the platform, responding with a similar brashness. "Don't advertise. If someone is going to try and blackmail me with advertising? Blackmail me with money? Go f--- yourself," Musk asserted, emphasizing his firm stance on the matter.
During an interview, Musk took the opportunity to apologize for endorsing an antisemitic conspiracy theory on X, acknowledging its role in fueling an advertiser exodus.
These developments unfolded shortly after Musk visited Israel, where he toured a kibbutz attacked by Hamas terrorists and engaged in discussions with top leaders.