Twitter's worth plummets 71.5% under Elon Musk. Is this the beginning of the end?
Many anticipated another success; however, current indications suggest this may be one of Elon Musk's major failures. The eclectic billionaire acquired Twitter in October 2022. Since then, the company has experienced consistent value drops. The dismal figures paint a dismal picture.
7:58 AM EST, January 5, 2024
Elon Musk faces financial challenges
Since Elon Musk acquired Twitter, the platform's value has plunged 71.5 percent. Given that Musk bought Twitter for $44 billion, its current estimated worth of $12.5 billion bears worrying implications. Musk's actions have, in part, contributed to this decline, including allegations of spreading anti-Semitism. Musk endorsed a tweet promoting hate against Jews, which understandably unsettled advertisers on the platform.
Disney, Apple, IBM, Paramount, and Warner Bros. Discovery have all withdrawn their partnerships with Twitter. These decisions followed Elon Musk's controversial actions. In an interview during "The New York Times Dealbook Summit, " Musks responded to the financial predicament, "Will someone try to blackmail me with advertising? Blackmail me with money? To hell with them. This advertising boycott will bring the company down, and the world will know that these advertisers destroyed this company."
However, advertisers' departure isn't the only issue Twitter is facing. Since Elon Musk's takeover, the user base has decreased by 15 percent. Widespread hate speech, misinformation, and general hostility present significant challenges for the platform.
