Fidelity's recent disclosures reveal that its investment stake in Musk's social media platform X has plummeted 78.7% since his takeover, reducing its valuation from $44 billion to just $9.4 billion.
Under Musk's leadership, X has reportedly suffered significant financial setbacks, with advertising revenue plummeting due to his controversial management style, including his promotion of disinformation.
The chaotic environment Musk has fostered on X has led to a significant decline in advertiser confidence, prompting 26% of advertisers surveyed to plan on cutting their spending on the platform.
Musk's confrontational approach towards advertisers, exemplified by his 'go fuck yourself' remark during the DealBook Summit, reflects a troubling trend that has contributed to the platform's declining market value.
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