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 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 their 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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