Elon Musk's X Plummets, Losing Over 70% in Value Post-Twitter Acquisition
Fidelity Investments has significantly reduced the valuation of its stake in Twitter, suggesting that the social media company has lost approximately 72% of its value since Elon Musk's acquisition in October 2022. The valuation drop reflects Twitter's ongoing struggles with advertiser retention and controversial content moderation policies under Musk's leadership. Additionally, Twitter recently failed to block a California content-moderation law, which requires transparency in social media companies' content moderation practices.