By Ingy Ashraf,
The platform formerly known as X has hit a big financial wall just over a year after Elon Musk’s daring acquisition of Twitter for $44 billion. According to a recent research by Fidelity Investments, one of the company’s stockholders, X’s projected value has dropped by 71.5% from its 2022 price.
Based on Blue Chip Growth Fund statistics, Fidelity expects the current value of its shares in X to be a fraction of their October 2022 purchase price.
This precipitous drop is a significant reversal for the platform, which was formerly considered an influential player in the social media scene.
The massive reduction in the value of X under Musk’s leadership poses a fundamental risk to the platform’s future.
