X shares devalue by 71% under Musk

By Al Mayadeen English
Source: News websites
3 Jan 2024 09:29
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The number of monthly users on X has plummeted by 15% in the first year post-takeover

Elon Musk reacts during an in-conversation event with Britain's Prime Minister Rishi Sunak in London, Thursday, Nov. 2, 2023. (AP)

The Fidelity mutual fund disclosed that social media platform X has experienced a value decrease of 71% since it was acquired by Elon Musk.

A shareholder in X Holdings, Fidelity noted that its shares had devalued by 71.5% since Musk bought the platform (back then known as Twitter) for $44 billion in October 2022 and subsequently renamed the platform X in July 2023.

The fund estimates the current value of X to be around $12.5 billion, the report notes.

Twitter has been constantly losing its ad revenue since Musk's takeover, with many brands announcing their departure from Twitter as a result of Musk's own comments.

Musk says calls for deconolization 'violate terms of service'

In November, Elon Musk announced that slogans, chants, and statements calling for "decolonization" are "unacceptable to any reasonable person" and violate the "terms of service" of X and "will result in suspension."

As "Israel" continued its ethnic cleansing of Gaza, Musk sought to censor all support for Palestinian liberation after 75 years of Israeli occupation.

Colin Wright, an internet personality who supports the Israeli genocide in the Gaza Strip, claimed that "decolonization" has become "the woke version of jihad," and urged that it be "viewed and treated that way."

Despite a clear misunderstanding of the Arabic word "Jihad" and its usage, reminiscent of former US President George Bush's declaration during the "war on terror" era, where he famously stated, "Either you are with us, or you are with the terrorists," effectively labeling every Arabic speaker as a terrorist, Wright aimed to categorize Resistance movements in Western Asia as terrorists during a period of global transformation.

In a response to Wright, the CEO of X claimed that "decolonization", implies "necessarily" a "Jewish genocide" and as such "is unacceptable to any reasonable person."

Not only that, he later explained, stressing that censorship will affect anyone who calls for the liberation of Palestine, stating that "similar euphemisms" such as "from the river to the sea" also "necessarily imply genocide," and as such are considered to be "clear calls for extreme violence are against our terms of service and will result in suspension."