X, formerly known as twitter is facing serious financial issues.
In there might just be the problem... does anyone else still receive Twitter emails, with the headline...(formerly known as twitter)...or find themselves referring to X as Twitter still!
Since he bought the platform, its revenue has dropped by an incredible 84%, creating a huge financial gap that Musk might have to fill by selling more of his Tesla stock. This has some Tesla investors worried, as selling more stock could cause Tesla's value to drop, hurting everyone who owns shares in the company.
According to recently released disclosures, the stake of investment asset manager Fidelity's Blue Chip Growth Fund has dropped in value by a shocking 78.7 percent. Fidelity invested $19.66 million in X through the fund, as TechCrunch reports, but as of the end of August, the value of that stake has dropped to roughly $4.19 million.
The billionaire purchased the social media behemoth for $44 billion, with the help of massive bank loans. But after Musk introduced his radical changes to the site—which included laying off 75 percent of its employees, crippling the site’s verification system, and changing the algorithm to promote more advertisements, irrelevant content, and antisemitism—interest in the company has plummeted. In the CEO’s own words, the company has lost 90 percent of its value since Musk bought it out.
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