Social network X lost the lion's share of its value since Musk took over.

Over the past two years, the value of the social network X, which was bought by Elon Musk, has decreased by 75%. According to the report of the Fidelity's Blue Chip Growth Fund, in July of this year, the fund owned shares of company X worth $5.5 million, which is less than half of the amount Musk paid for it. The main reason for the decline in value is the outflow of advertisers and the deterioration of the company's financial condition. In particular, major companies such as Apple, Coca-Cola, and Disney removed paid advertising from X following negative incidents with nationalist and anti-Semitic content. In addition, Musk also changed the user verification system, which also caused some backlash. Now, company X is working on cost-saving measures, such as moving the headquarters from San Francisco to Texas.

However, it is worth noting that the value of X's shares increased by 22% after the announcement of the company's acquisition by Musk, but prices began to fall again due to the decision to change the company's name and logo. Experts have expressed concern about this decision, as the Twitter brand was already recognizable. In addition, there is information that the venture fund 8VC, in which the sons of Russian oligarchs work, also invested in this purchase.