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Companyvaluation

All articles tagged with #companyvaluation

business-and-finance2 years ago

"Fidelity Reports Elon Musk's X Valuation Plummets Over 70% Since Twitter Purchase"

Fidelity has significantly reduced the valuation of its investment in X holdings, the parent company of X (formerly Twitter) owned by Elon Musk, by 71.5%. Despite acquiring a stake for $19.2 million in October 2022, Fidelity has continued to mark down the valuation, with the latest cut following a 65% reduction in October 2023. X, under new CEO Linda Yaccarino, aims to be profitable by 2024 but faces challenges in retaining advertisers after controversial statements by Musk and his decision to reinstate banned accounts. The company is shifting focus to small and medium businesses for advertising revenue to counteract the loss from major advertisers' boycotts.

via TechCrunch|
##advertisingboycott#business-and-finance
business-and-finance2 years ago

Elon Musk's X Valued at Just 29% of Purchase Price, Fidelity Reports

Fidelity Investments reports that the value of the company formerly known as Twitter, now referred to as X, has plummeted by 71.5% since Elon Musk's acquisition in October 2022. Despite Musk's initial $44 billion investment, Fidelity's revaluation reflects a significant loss, exacerbated by a substantial drop in advertising revenue and a debt burden. The decline in value follows a tumultuous year, including an advertising boycott from major companies like Disney and IBM after Musk's controversial endorsement of an antisemitic post. Musk's confrontational stance towards advertisers and acknowledgment of the existential threat posed by the boycott underscore the platform's financial and reputational challenges.

via Business Insider|
##advertisingboycott#business-and-finance