Elon Musk’s company X, formerly known as Twitter, has experienced a significant decrease in its value – a whopping 71% drop – since Musk took control of it in late 2022.
This decline in value is the second one to happen in 2023, following Musk’s acquisition of Twitter. Musk, who was critical of Twitter’s influence on democracy, acquired the platform for $44 billion and brought about substantial changes, including making significant staff reductions.
Despite facing criticism from advertisers who were unhappy with the changes, Musk remains outspoken.
He dismisses concerns about threats to advertising and firmly believes that the boycott from advertisers will not negatively impact the company. This situation reflects the ongoing dynamics and challenges surrounding Musk’s management of the social media platform.
