X, the social media platform previously often known as Twitter, is now value an estimated 71.5% lower than it was when Elon Musk bought the platform in Oct. 2022, in line with a Constancy securities submitting dated Dec. 30, 2023.

The asset administration agency, which owns an fairness stake within the firm underneath X Holdings Corp., beforehand slashed X’s valuation to a 3rd of Musk’s $44 billion buy worth in Could of final 12 months.

The brand new valuation from Constancy’s Blue Chip Progress Fund, which reported information by means of Nov. 30, 2023, estimates that its shares of X are value $5.3 million — down from an estimated $6.3 million in October and much from the $19.66 million valuation of its stake simply previous to Musk’s takeover.

The various controversies which have plagued the platform because the Tesla CEO’s buy scared off advertisers and resulted in greater than half of them halting spending on X lower than a month after Musk’s acquisition was finalized.

In November, main advertisers together with Disney, Apple, and Coca Cola pulled paid promoting off the platform to distance themselves from Musk after his endorsement of an antisemitic put up. 

Musk had praised a put up that mentioned Jews “have been pushing the precise sort of dialectical hatred towards whites that they declare to need individuals to cease utilizing towards them.” 

He has since apologized. “I’m fairly sorry,” he mentioned at The New York Occasions’ DealBook Summit in November final 12 months, including, “I ought to, looking back, not have replied to that specific put up.”

Musk mentioned that the advert boycott might “kill the corporate,” however he defiantly added, “I hope they cease. Do not promote,” he mentioned on the summit.

“If any person goes to attempt to blackmail me with promoting, blackmail me with cash, go f**okay your self. Go f**okay your self. Is that clear? I hope it’s.”