Current:Home > FinanceElon Musk's X worth 71.5% less than it was when he bought the platform in 2022, Fidelity says-LoTradeCoin
Elon Musk's X worth 71.5% less than it was when he bought the platform in 2022, Fidelity says
View Date:2024-12-23 20:08:18
X, the social media platform formerly known as Twitter, is now worth an estimated 71.5% less than it was when Elon Musk purchased the platform in Oct. 2022, according to a Fidelity securities filing dated Dec. 30, 2023.
The asset management firm, which owns an equity stake in the company under X Holdings Corp., previously slashed X's valuation to a third of Musk's $44 billion purchase price in May of last year.
The new valuation from Fidelity's Blue Chip Growth Fund, which reported data through Nov. 30, 2023, estimates that its shares of X are worth $5.3 million — down from an estimated $6.3 million in October and far from the $19.66 million valuation of its stake just prior to Musk's takeover.
The many controversies that have plagued the platform since the Tesla CEO's purchase scared off advertisers and resulted in more than half of them halting spending on X less than a month after Musk's acquisition was finalized.
In November, major advertisers including Disney, Apple, and Coca Cola pulled paid advertising off the platform to distance themselves from Musk after his endorsement of an antisemitic post.
Musk had praised a post that said Jews "have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them."
He has since apologized. "I am quite sorry," he said at The New York Times' DealBook Summit in November last year, adding, "I should, in retrospect, not have replied to that particular post."
Musk said that the ad boycott could "kill the company," but he defiantly added, "I hope they stop. Don't advertise," he said at the summit.
"If somebody is going to try to blackmail me with advertising, blackmail me with money, go f**k yourself. Go f**k yourself. Is that clear? I hope it is."
- In:
- Elon Musk
- X
- Antisemitism
C Mandler is a social media producer and trending topics writer for CBS News, focusing on American politics and LGBTQ+ issues.
veryGood! (91735)
Related
- John Krasinski Reveals Wife Emily Blunt's Hilarious Response to His Sexiest Man Alive Title
- Trump lawyers fight to overturn jury’s finding that he sexually abused E. Jean Carroll
- Retired DT Aaron Donald still has presence on Rams, but team will 'miss him' in 2024
- Rift between Parkland massacre survivor and some families of the dead erupts in court
- World War II veteran reflects on life as he turns 100
- 'Joker 2' is 'startlingly dull' and Lady Gaga is 'drastically underused,' critics say
- Best Deals Under $50 at Free People: Save Up to 74% on Bestsellers From FP Movement, We The Free & More
- Maine law thwarts impact of school choice decision, lawsuit says
- Michigan soldier’s daughter finally took a long look at his 250 WWII letters
- Missouri judge says abortion-rights measure summary penned by GOP official is misleading
Ranking
- US overdose deaths are down, giving experts hope for an enduring decline
- How Nick Saban became a Vrbo commercial star, including unscripted 'Daddy time in the tub'
- The Deteriorating Environment Is a Public Concern, but Americans Misunderstand Their Contribution to the Problem
- 3 Milwaukee police officers and a suspect are wounded in a shootout
- Martin Scorsese on faith in filmmaking, ‘The Saints’ and what his next movie might be
- Chiefs hold off Ravens 27-20 when review overturns a TD on final play of NFL’s season opener
- Ben Affleck's Past Quotes on Failed Relationships Resurface Amid Jennifer Lopez Divorce
- Travis Kelce Shares How His Family Is Navigating Fame Amid Taylor Swift Romance
Recommendation
-
Mike Tyson concedes the role of villain to young foe in 58-year-old’s fight with Jake Paul
-
Mexican drug cartel leader agrees to be transferred from Texas to New York
-
Linkin Park reunite 7 years after Chester Bennington’s death, with new music
-
An inspiration to inmates, country singer Jelly Roll performs at Oregon prison
-
Who will save Florida athletics? Gators need fixing, and it doesn't stop at Billy Napier
-
Man who killed 118 eagles in years-long wildlife trafficking ring set for sentencing
-
Rapper Rich Homie Quan Dead at 34
-
Linkin Park announces first tour since Chester Bennington's death with new female singer