Elon Musk – Hot News Updates

Twitter: The popular social media platform X, earlier known as Twitter, is now in trouble. The money that Elon Musk, owner of big companies like Tesla and SpaceX, had invested in buying it is sinking. The value of X has now gone down by more than 75 percent. Due to this, not only Elon Musk but also its investors are worried. If this decline continues, they may soon be forced to take tough decisions.

Elon Musk has suffered a huge loss of 34 billion dollars

According to a report by Fidelity Blue Chip Growth Fund, Elon Musk had bought Twitter for about $44 billion. During that time, Fidelity had also invested about 19.6 million dollars in it. But, by July 2024, the value of Fidelity shares will be reduced to only $5.5 million. According to the report, the market value of X is only 9.4 billion dollars. In this way, the richest person in the world, Elon Musk, has suffered a huge loss of about 34 billion dollars. This is a big economic blow for Elon Musk.

Revenue reduced to half, ad sales are also falling drastically

X is no longer a publicly traded company. In such a situation, it is very difficult to find out its market value. But, its investors keep giving information about the market value. Fidelity has continuously reduced the value of X. This time he has reduced its market value by 78.7 percent. Earlier in January and March also, he had reduced the value of this social media company of Elon Musk. In the year 2023, X will generate revenue of about $2.5 billion, which is only half of the year 2022. Ad sales account for about 75 percent of X’s total income. But, it is continuously declining.

Questions raised on future of X, fear of shutdown

The company has already closed its San Francisco office to reduce expenses. Besides, many employees are also being sent here and there. Employees are also apprehensive about the future of this social media platform. Apart from Fidelity, Bill Ackman and Son Diddy Comb are also its investors. Son is facing serious charges like human trafficking. In such a situation, many questions have arisen regarding the future of X. People are also expressing fear of its shutdown.

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