Billionaire Elon Musk, CEO of Tesla and SpaceX, has lost $32 billion since purchasing Twitter for $44 billion in October 2022.
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Elon Musk, billionaire and CEO of SpaceX and Tesla, has lost $32 billion since acquiring Twitter in October 2022, according to reports from Axios and Fidelity.
The social network, now called X, was purchased for $44 billion two years ago. It is currently valued at $12.3 billion. Stock values rose by about 22% but plummeted following Musk’s controversial decisions.
The rebranding to X in 2023 reportedly caused a decline in Twitter’s value, along with the overhaul of the platform’s verification system, allowing anyone to purchase the blue check mark.
According to UNILAD, around $2 billion was lost due to companies leaving the platform.
“If someone’s going to try to blackmail me with advertising? Blackmail me with money? Go f*** yourself,” Musk stated in an interview at the 2023 DealBook Summit. Twitter also recorded a 23% drop in user numbers from November 2022 to February 2024.
Photos: Freepik X @elonmusk. This content was created with AI assistance and reviewed by the editorial team.
