In a completely unexpected twist, X, the social media company that used to go by the name of Twitter and is currently owned by Elon Musk, has experienced a truly remarkable decrease in its worth. Fidelity Investments has made substantial alterations to the value of its ownership in X, leading to a massive 71.5% reduction. This decline is part of an ongoing pattern, as there were previous reductions of 65% in October and an extra 11% in November, causing X’s estimated value to plummet to a mere $12.5 billion.
The main reason behind the decrease in value of X can be attributed to a significant boycott by advertisers, with prominent brands like Apple, IBM, and Disney taking the lead. These brands decided to sever ties with X due to concerns about the lack of strict content monitoring and Musk’s direct and unfiltered way of communication. As a result, there has been a substantial decline in ad revenue for X. It is now projected that X will only generate around $2.5 billion in ad revenue for the year 2023, which is a noteworthy decrease compared to the previous average of approximately $1 billion per quarter.
Elon Musk’s unconventional leadership style and controversial statements have further complicated X’s journey under his ownership. The platform has lost nearly 60% of its advertisers since Musk’s acquisition in 2022. Musk’s bold statement at a New York Times conference, where he declared an advertiser boycott would “kill” the company, has drawn both attention and criticism.
Fidelity’s repeated markdowns on X’s valuation highlight disparities in how stakeholders perceive the platform’s value. While Musk’s acquisition valued the company at $44 billion, internal stock plans for X assessed its worth at $19 billion in October, less than half of the purchase amount.
Meanwhile, on New Year’s Day, the Indian Space Research Organisation (ISRO) celebrated a successful launch of its X-ray Polarimeter Satellite (XPoSat), dedicated to studying black holes and other astronomical objects. The mission, part of ISRO’s 60th launch, marks another milestone in the organization’s successful year of space exploration, following achievements like the Chandrayaan-3 Moon mission and the launch of Aditya-L1, an observation mission directed at the Sun.
ISRO’s commitment to pushing the boundaries of space exploration is evident, with plans for collaboration with other spacefaring nations, including a joint US-Indian Earth-observing mission scheduled for 2024. The launch of XPoSat is a prelude to the myriad projects ISRO has lined up, showcasing its dedication to scientific discovery and international cooperation in space exploration.