Elon Musk purchased X (Twitter) for 44 billion dollars, but by the end of last year, the company’s value had decreased to 19 billion dollars, a 56% drop. This was due to distributing shares to employees at a price of 45 dollars per share. Most recently, Fidelity estimated that the current value of X has plummeted by over 72%.
This information is based on Fidelity’s evaluation of X shares held in funds worth 88 million dollars, down from the original value of 316 million dollars (-72%). The Washington Post further analyzed this estimate, speculating on how much the value of X shares held by the top 8 shareholders (excluding Elon Musk) has decreased from their initial investment, based on SEC data. The result? Nearly 5 billion dollars in lost investment value.
The top 8 shareholders of X include Prince Alwaleed bin Talal (and Kingdom Holding Co.), Jack Dorsey, former co-founder and CEO of Twitter, Larry Ellison, co-founder of Oracle, Sequoia Capital, Vy Capital, Binance, Andreessen Horowitz, and the Qatar Investment Authority.
Source: The Washington Post
TLDR: Elon Musk’s acquisition of X (Twitter) for 44 billion dollars saw a significant decrease in value to 19 billion dollars, with top shareholders experiencing losses amounting to nearly 5 billion dollars.
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