“X’s Value Plummets to $19 Billion, a Fraction of Elon Musk’s Purchase Price”
X, formerly known as Twitter, now stands at a value of $19 billion, a significant drop from the $44 billion price Elon Musk paid for it just a year ago. Musk’s ownership has seen major changes in the platform, impacting its financial health and driving away advertisers.
In a surprising turn of events, the platform formerly known as Twitter, now called “X,” has seen its value plummet to $19 billion, which is less than half of the staggering $44 billion that Elon Musk paid for the company a mere year ago. The decline in value has raised questions about the future and financial health of the platform under Musk’s leadership.
This significant drop in valuation is attributed to a number of factors, including the rebranding of the platform, substantial layoffs, content rule changes, and a substantial reduction in advertising revenue. Since the takeover by Musk, most of Twitter’s staff either resigned or were laid off. In addition, Musk’s decision-making style and the loosening of content-safety rules have resulted in the departure of advertisers, contributing to a substantial 60% decrease in sales. Furthermore, “X” is burdened with a significant debt of $13 billion, and it is estimated to pay about $1.2 billion in interest payments on this debt annually.
Elon Musk’s vision for “X” involves a shift away from advertising to focus on paid subscriptions. However, this transition has yet to gain significant traction, with less than 1% of users signing up for the platform’s monthly premium service, generating less than $120 million in annual revenue, as per estimates.
Musk has also expressed ambitions to turn “X” into an all-encompassing platform offering features like shopping and payments. Recent developments include the introduction of audio and video calling, a beta version of a hiring service, and plans to launch a news wire. Musk aims to compete with giants like Google’s YouTube, Microsoft Corp.’s LinkedIn, and Cision’s PR Newswire.
Despite these aspirations, “X” faces a challenging path ahead. When CEO Linda Yaccarino met with bankers to discuss the company’s financial plan, she proposed new products and services, including the introduction of advertising tiers. Musk has previously hinted at the possibility of taking “X” public, but the sharp drop in the company’s value poses a significant obstacle to such ambitions. The platform’s future remains uncertain, with its trajectory dependent on its ability to regain advertiser trust and effectively implement its evolving business model.
Sources By Agencies
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