X (Twitter) came under Elon Musk’s management in October 2022 with a fee of $44 billion. But since then financial It did not go very well. Advertiser withdrawals, debt, and the criticized changes Musk made to the platform caused X to lose value. Be that as it may, $44 billion was considered an amount “more than it earned” for the company.

After a year, there was no definitive information about what the current value of X was. However, information coming into the company yesterday and first obtained by Fortune showed the current value of the company. As you can imagine, Musk has lost some serious blood since taking over.

The value of X fell 57% to $19 billion!

The news, based on sources close to the subject, states that over $45 He revealed that he had made stock payments. $45 is the company’s total valuation. up to $19 billion revealed that he had fallen.

As we said at the beginning, Musk bought the company for $44 billion. Although this amount was more than necessary, the company experienced continued decline and was unable to make a profit. New information pointing to $19 billion also indicates that the tech giant Over the past year it has lost 57% of its value showed. We should also point out that Musk estimated that the company’s value had fallen to 20 billion in March. But the amount now revealed shows that the situation is worsening.

Despite everything that has happened, Musk still continues to hope for X. The billionaire businessman’s goal and platform is super app translate For this purpose, steps such as long messages and videos have already been taken, and steps such as financial services and employment functions were also planned for the future.

However, it is unclear whether these will work. According to research, the number of active users of X has increased since Musk took over. reduced by 15%. There was a massive 54% drop in advertising revenue. We wait to see what the platform will experience in the future.