The platform formerly known as Twitter has undergone some major changes since Elon Musk took over in 2022. The billionaire changed the company’s name to “X” and did away with the blue checkmark system used to authenticate celebrities and public figures. Now anyone can authenticate for as little as $8 a month, and in the early days, parody accounts posing as real celebrities caused serious confusion. For the most part, people who still use Twitter/X have gotten used to the new features and are no longer lamenting what Musk took from them. The father of an 11-year-old now owns 74% of the company, but Forbes reports that the value of his shares has fallen “nearly 70% below what he paid for it” two years ago. It is estimated that This clearly shows that Mr. Musk’s income is decreasing, but what does this mean for Twitter’s net worth?
New report reveals Twitter’s net worth has fallen by billions of dollars
(Julian Christ/Unsplash)
In October 2022 (after attempting to exit the deal), Musk paid $44 billion for X, then known as Twitter. The company, named Fidelity, invested $19.66 million in the deal at the time, but as reported by News Nation, a report from the Fidelity Blue Chip Growth Fund said the company’s social media platform The investment amount is valued at just $4.19 as of December 2023. This is almost 80% cheaper than what Musk bought it for, with Twitter’s net worth now at $9.4 billion.
In early September, X released its first transparency report since the Musk acquisition. In the first half of 2022, 1.6 million accounts were suspended. In the following year, this number increased dramatically, with 5.3 million users losing access to their profiles. More than 10.6 million posts were “removed or labeled” for violating platform rules, according to the Associated Press. Five million of these uploads reportedly violated the “hateful conduct” policy.
Despite the app’s downfall, Elon Musk’s net worth remains astronomical
(Chesnot/Getty Images)
According to Forbes, Elon Musk’s real-time net worth was $268.8 billion as of September 30, making him the richest person in the world. Still, this number is significantly lower by $1.1 billion (0.39%). While this downturn may be a result of the Twitter/X situation, the South African still has other companies to rely on, including Tesla, SpaceX, and The Boring Company.
Haley Hines
Hayley Hynes is a freelance Canadian creative covering astrology, entertainment, and culture/lifestyle content for 21Ninety, Blavity, AfroTech, Travel Noire, and Home & Texture. She also served as co-administrator of HotNewHipHop for two years, but in 2024, Hailey stepped down from that role and launched her own website. There she offers tarot/energy readings, informative astrology content, and personal reflections on her own spiritual healing journey. For more information, find her on Instagram @hayleyhynes! Hayley graduated from Vancouver’s Blanche Macdonald Center after studying Fashion Marketing. She studied Journalism and Marketing at Mount Royal University in Calgary and previously wrote for Narcity and is passionate about helping others heal through storytelling, understanding, and creating positive change. I’m here.
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