Fidelity values ​​Elon Musk's X at $9 billion – almost a fifth of what he paid

Topline

According to Fidelity, Elon is Musk's

Important facts

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Forbes rating

According to our latest estimates, Musk is the richest person in the world with a fortune of $269.8 billion.

Big number

24 billion dollars. According to the Washington Post, the eight largest X investors have collectively lost value since Musk bought the company on September 1st.

Important background

Musk bought what was then Twitter in October 2022 after a lengthy transaction process that saw the company sue Musk after he tried to back out of its $44 billion offer. According to Musk, the company's revenue fell 50% after his acquisition due to a “massive decline” in advertising. When Twitter renamed itself, these changes led to backlash from users who claimed that parody accounts could now deceive users by paying for verification.

tangent

According to The Verge, Musk has reportedly previously told his employees that shares could be paid out on a regular basis, similar to his employees at SpaceX.

Further reading

ForbesFidelity values ​​Twitter at about $15 billion — a third of the sticker price Musk paidFrom Antonio Pequeno IV