According to a well-known investor, X has lost its value by 71.5% since Musk acquired it. This means that the company is now worth between $12 billion and $13 billion, much less than the $44 billion that was paid in 2022. This shows that confidence in X has declined among investors, which is not good news for the company!
In comparison, other companies such as Meta or Snap have seen growth in their stocks of 4.9% and 38.2%, respectively. This indicates that those companies are doing better than the X platform at this time.
However, we should not be surprised to hear these data, as during 2023, X had many problems with Linda Yaccarino becoming the new CEO and saying that the company would be profitable in 2024.
The reality is that X lost important advertisers and the reason would be the measures that the company took against misinformation, which annoyed companies such as Apple, NBC Universal, Disney, Warner Bros., Discovery, IBM, Lionsgate and Paramount Global. And above all, Musk’s own conspiracy theories.
Musk had a clash with advertisers at a public conference and said that this advertising boycott could kill X. However, they plan to appeal to small and medium-sized businesses to invest advertising money in X and thus save the company. According to X, they could lose between $10 and $12 million due to the departure of major advertisers, according to the Financial Times.
Will Musk be able to save the company that he himself put at risk?
