Elon Musk’s rebranded Twitter, X, sees a major drop in value

When Elon Musk took over Twitter and rebranded it as X, many were curious about the future of this social media giant. However, the latest news indicates that X’s value has taken a substantial hit since the takeover. The Guardian reported that Twitter’s value is down by two-thirds since Musk’s takeover. Bloomberg provided another interesting piece of information, revealing that employee-restricted stock units were awarded at $45 a share, which indicates a significant devaluation. Moreover, Fortune confirmed that Fidelity cut the valuation of its stake in X, reflecting a 72% markdown since Musk bought the former Twitter. The New York Times reported that Musk estimates the company to be worth $19 billion, a 55% drop from its initial value. It’s interesting to note that Time pointed out that Musk’s decision to rename Twitter to X might have wiped billions in brand value. Forbes also reported that X has fewer advertisers a year after Musk’s takeover. Taking all these into consideration, it’s clear that X’s journey under Musk’s leadership has been a bumpy one. The drastic drop in value is a stark reminder that even billionaires like Elon Musk can take it on the chin every once in a while. Have any thoughts on this? Drop us a line below in the comments, or carry the discussion to our Twitter or Facebook. Editors’ Recommendations: Elon Musk backtracks on Twitter/X URL headline feature Elon Musk announces Grok AI assistant, a ChatGPT rival Is Elon Musk actually good at business? Elon Musk’s new regime reinstates Kanye…Elon Musk’s rebranded Twitter, X, sees a major drop in value

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