What Do Musk’s X/Twitter Investors Think Of His Leadership?
Here’s a hint, they are utterly pissed off!
It’s safe to say that Musk’s handling of Twitter, now X for some unknown reason, has been subpar. Users have been leaving the site in droves, all major advertisers have abandoned it, fearing they will be associated with neo-Nazis if they stay, the site has been banned in Brazil, and the UK and EU are gearing up to hold Musk accountable for the vast increase in hate speech and Russian propaganda on the site. Twitter is a hollow husk of what it once was; this, combined with the towering debt brought on by Musk’s purchase and the nose-diving revenue caused by his woeful leadership, has crippled the value of this once giant of the social media world. With all of this in mind, you have to wonder what the investors think of all of this and how this will impact Musk down the line.
Well, Fidelity, a venture capital company that paid $316 million to join Musk’s takeover, recently let slip just how much money they think they have lost. Recent documents show they now value their stake in the company at $88 million, 72% less than what they bought it for! Yikes… This means they think X/Twitter is now only worth $12.32 billion, meaning Musk has lost a staggering $31.68 billion in two and a bit years, according to one of his main backers!
