Elon Musk's X Plummets Over 70% in Value Since Acquisition, Fidelity Reports and Experts Speculate on Potential Sale
Fidelity Investments, a major backer in Elon Musk's acquisition of Twitter, has seen the value of its stake in the company plummet by 72% since the purchase in October 2022. This significant drop suggests that Twitter's overall value has similarly decreased, potentially to less than the debt incurred for its acquisition. Banks holding the debt face the dilemma of selling at a loss or risking further devaluation. Despite the financial turmoil surrounding Twitter, Musk's wealth, bolstered by his shares in Tesla, remains robust.