This was reported by the Independent and Ukrinform.

Stock investment fund Fidelity, which owns a stake in X, reduced the valuation of the company, formerly known as Twitter, by 71.5% from Musk’s October 2022 purchase price.

Fidelity was one of several investors financing Elon Musk’s acquisition of the company for $44 billion in October 2022. Shortly thereafter, the value of this investment began to decline, but remained stable at the beginning of 2023.

As noted, other social networks increased in value last month. In particular, Snap gained 38% in value in the same period, while the value of Facebook’s parent company Meta’s shares increased by 4.9%.

As Ukrinform reported, many major American companies, especially Apple and Disney, announced that they were stopping their advertising on the X platform (formerly Twitter) after the company’s owner Elon Musk promoted an anti-Semitic post on Facebook. social network.

Therefore, the company owned by Musk may lose up to $75 million in advertising revenue by the end of the year.

Following accusations of anti-Semitism, Musk traveled to Israel where he met with Israeli President Isaac Herzog.

But a few days later, Musk responded rudely to companies that refused to advertise on the X platform.