"Elon's done a tremendous amount of wealth destruction since he's purchased Twitter," Ross Gerber, a minor investor, commented, indicating the substantial financial losses and difficulty in explaining this to stakeholders.
The value of the initial $33.5 billion investment in Musk's purchase of Twitter has plunged to a mere $9.38 billion, illustrating a dramatic loss in investor confidence.
Fidelity's drawdown of its stake from $19.66 million to $5.3 million exemplifies the steep drop in Twitter's valuation post-Musk acquisition, reflecting broader market discontent.
Advertisers are fleeing due to Musk's controversial content moderation policies, with this exodus leading to significant financial troubles for X, highlighting the risks of such governance changes.
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