June 17, 2024

X’s worth continues to plummet, with the social media platform value a mere $12.5 billion, or 71% lower than Elon Musk paid for it simply over a 12 months in the past.

Constancy marked down the worth of its shares within the social media firm, in line with Axios and Mashable. The mark-down isn’t any the primary for Constancy, however does mark a brand new low for X’s worth.

A lot of the blame for X’s misfortune lie squarely on the ft of Musk. The mercurial tech icon has alienated advertisers, with many fleeing the platform after his controversial posts and statements. What’s extra, there have been experiences of pro-Nazi content material showing subsequent to promoting from a few of the world’s greatest manufacturers, inflicting yet one more mass exodus from the platform.