A reciprocal fund that helpedElon Musk buy Xnow state the chopine is worth 71.5 % less than the $ 44 billion it was purchased for in 2022 , fit in toAxiosSunday . Fidelity reduce the valuation of Musk ’s social spiritualist platform by more than 10 % in November when Elon Muskshared his thoughts on Jewsand told adman to “ go f**k yourselves . ”
Fidelity gave Elon Musk over $ 300 million to aid financehis putsch of Xback in April , but the mutual fund consider its investment is now worth less than half of what it paid for . Investors at Fidelity first marked down the value of its investment one calendar month after Elon Musk ’s leverage . InOctober , the mutual fund valued its share in X at a 65 % discount . Fidelity does n’t explicitly say why it valued X at a steeper discount to October , but major advertisers have flee the platform in droves in the last couple of month .
The stock of in public traded competitors to X such as Meta and Snap rose in November . Meta and Snap have become much more favorable options for advertisers as their social medium platforms do n’t black market the same brand prophylactic risk that X has .
Photo: Antonio Masiello (Getty Images)
Musk claims X was built around costless speech absolutism , but that has increase scrutiny from advertisers and regulators concerned with hate speech on the platform . The European Union opened aformal investigation into Xin December , examining the political program ’s part in spreading anti-semitic capacity . Major advertisers likeApple and Disney have flee the platformdue to aMedia Matters investigation finding antisemitic content on X.
ChatGPTdisneyElon MuskGrokMETAX ( Twitter )
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