Elon Musk's X Loses 71.5% Value and Major Advertisers

Fidelity's analysis reveals a significant drop in X's value since Musk's acquisition, amidst advertiser boycotts and legal challenges.

Elon Musk's social media platform X, formerly known as Twitter, has lost 71.5% of its value since Musk purchased it in October 2022, according to a recent analysis from Fidelity.
Major advertisers including Disney, Apple, Lionsgate, Comcast/NBCUniversal, and IBM have severed ties with X following reports of increased hate speech and controversial content moderation policies.
X failed to block a California law requiring social media companies to disclose their content-moderation policies.
Musk has made controversial decisions since taking over the platform, including reinstating previously banned accounts and changing the company's name and logo.
Despite these challenges, X is reportedly shifting its focus to small and medium businesses to encourage them to invest in advertising on the platform.