According to data from Fidelity, the asset management fund that owns shares in Elon Musk's company, X continues to decline in value after nearly 2 years of changing owners. Previously, in October 2022, Elon Musk spent $ 44 billion to acquire X, but the value of the platform has decreased by 78.6% and is now about $ 9.4 billion. X is not a publicly traded company, so the data from Fidelity helps estimate the value of this social network.
X is known to have earned $2.5 billion in advertising revenue in 2023 (only half of what it did in 2022). And X's headquarters in San Francisco was closed and moved to Texas, the remaining employees had to move to a smaller office.
In addition, advertisers are continuing to abandon X. Specifically, according to a survey by market research firm Kantar in early September, 26% of businesses plan to reduce advertising spending on X next year due to concerns about extremist content affecting brand reputation. Only 4% rate X as "safe" and their ads do not appear in negative content, while the rate for Google Ads is 39%.
Fidelity has also been valuing X at a declining rate. In May 2023, more than half a year after Musk took over X, the fund valued the social network at around $15 billion. In early 2024, that figure dropped to $12 billion.
Source: https://kinhtedothi.vn/gia-tri-cua-x-giam-78-6.html
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