Since Elon Musk's acquisition of X, previously Twitter, Fidelity estimates the company's value has plummeted by 80%, driven by a significant decline in user engagement.
Musk's $44 billion purchase was widely criticized as overvaluation; recent reports indicate a concerning drop in X's EU user base by over 5 million.
The platform's advertising revenue has fallen sharply, further exacerbated by Musk's controversial persona, which has alienated many advertisers and harmed brand reputation.
Internal documents reveal a staggering revenue decline, with a 25% decrease quarter-over-quarter and 53% year-over-year, signaling a serious issue with user retention.
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