Twitter tripled in value after Musk bought it
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Twitter’s share price plummeted by a factor of three after American entrepreneur Elon Musk acquired the company. According to data provided by Twitter’s outside investor Fidelity, the social network is now worth about a third of the $44 billion Musk paid to acquire it.
Bloomberg notes that Twitter ran into financial difficulties after Musk’s arrival. In March, content moderation issues were said to have led to a 50% drop in ad revenue. The company was also unable to successfully offset these losses by selling subscriptions on the Twitter Blue platform. According to the publication, less than 1% of active Twitter users have signed up for this paid subscription.
Elon Musk acquired Twitter and its social network for $44 billion in October 2022. After that, the company faced a massive staff reduction, which led to a series of platform failures.
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