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

It’s clear that X’s journey under Musk’s leadership has been a bumpy one

elon musk grabbing his head in an "Oof" like motion with an X looming over a purple backdrop
Image: KnowTechie

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.

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Kevin is KnowTechie's founder and executive editor. With over 15 years of blogging experience in the tech industry, Kevin has transformed what was once a passion project into a full-blown tech news publication. Shoot him an email at kevin@knowtechie.com or find him on Mastodon or Post.

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