# X’s value went from $44B to $12B since Elon bought it.

By [Durwin](https://paragraph.com/@durwin) · 2024-01-28

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![Elon paid $44B for a social media platform that he had no business with in the first place. Was it a costly mistake?](https://storage.googleapis.com/papyrus_images/8477f998f84e95458c015652163ec36c433147ab9f34d18bde9abdceac6d506f.webp)

Elon paid $44B for a social media platform that he had no business with in the first place. Was it a costly mistake?

But do you think Elon cares?

HAHA.

Since Elon Musk’s audacious acquisition and subsequent renaming of Twitter to X, its valuation has plummeted from $44 billion to a startling $12 billion.

The question arises: Is this a reflection of Musk’s mismanagement, or simply the teething problems of a platform undergoing radical transformation?

For context, this valuation drop is primarily based on Fidelity’s bookkeeping, a customary financial practice but not necessarily the final word on a company’s worth.

Yet, this doesn’t fully absolve Musk’s controversial leadership style since taking over X.

Musk, the wealthiest person in the world with a net worth of $251 billion, is no stranger to controversy.

His decision to acquire X was lauded by some as a bold move to promote free speech, but others viewed it skeptically.

His actions since the takeover — from slashing over 50% of the staff to unbanning polarizing figures like Donald Trump and Alex Jones — have only fueled the debate.

![The value of Twitter (now X) has plummeted and advertisers are still shunning it. Will be be better in 2024?](https://storage.googleapis.com/papyrus_images/75bd51a89270a988a7b490d0a4ea10ad0ea060a517c6f7cb76372212085dea63.webp)

The value of Twitter (now X) has plummeted and advertisers are still shunning it. Will be be better in 2024?

Oh yes, Elon is wild.

Yet, amidst the chaos, Musk showed a glimmer of strategic insight by not attempting to single-handedly steer the ship.

He hired a CEO, a move suggesting an acknowledgment that running a social media giant might require expertise beyond his entrepreneurial prowess.

He tried to court big advertisers back.

He uses his own influence and clout to elevate X’s issues.

However, X’s dramatic drop in user engagement and rise in disinformation posts, as reported by Axios, paints a worrying picture.

![Will Elon and his team be able to navigate X safely away from tumultous waters?](https://storage.googleapis.com/papyrus_images/8204c160d06f470bd6db99aedb09a893995bb692453b77f4a1c16668884a88a5.webp)

Will Elon and his team be able to navigate X safely away from tumultous waters?

The platform’s reduced moderation and loss of major advertisers following Musk’s controversial statements have only compounded these issues.

To be fair, the drop in users could be due to cleaning up the backend and removing bot accounts.

In this tumultuous journey, Musk’s vision of transforming X into an ‘everything app’ remains an ambitious yet unfulfilled promise.

The concept, promising integrated services from tweeting to financial transactions, could revolutionize social media.

![Will X finally be a Town Square for the world?](https://storage.googleapis.com/papyrus_images/5a4686164302bf68b26912a3f963ca4722963ef04a7e5d8ad9cc878a35ac60fd.png)

Will X finally be a Town Square for the world?

But its realization seems distant amid the current turmoil.

Keep in mind, he runs dozens of other companies like Tesla and SpaceX too.

Is the short-term turmoil part of a larger, visionary plan, or is it indicative of a billionaire’s overreach into unfamiliar territory?

Can Musk’s grand vision for X weather the storm and emerge triumphant?

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> _Is X better now under Elon?_

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#ElonMusk #XPlatform #TwitterTakeover #SocialMediaBusiness #TechLeadership #CompanyValuation #BusinessStrategy #CorporateControversy #FreeSpeechDebate #DigitalPlatform #TechInnovation #BillionaireMoves #SocialMediaTrends #UserEngagement #InvestmentRisks

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*Originally published on [Durwin](https://paragraph.com/@durwin/x-s-value-went-from-44b-to-12b-since-elon-bought-it)*
