Poor Poor Elon, his $320 Billion fortune has had some fat trimmed from it after the value or X – formerly known as Twitter – dropped to just $29 Billion.
That’s a $39 Billion loss for Elon having paid $68 Billion for the company, walking in with the kitchen sink but in reality using a blow torch to bring it down.
The valuation has come to light in reporting by Fortune who learned of a new $70 stock valuation from several sources after Employees were offered the Shares as part of their employment – not uncommon in Silicon Valley, but any time you issue shares, you have to show the overall valuation, and that share price sets the valuation at just $29 Billion.
Web traffic to X (Twitter) is down.
App traffic is down.
User engagement and active users are down.
It’s all down down, metrics are down for Elon.
Of course, the number of tweets from Elon is up, as are visits to his profile and posts according to SimilarWeb.
Threads is on the up and up, with 100 Million users and active use continuing to grow, most importantly the team at Meta running Threads continues to evolve and advance the product, so – seems likely it will continue to grow.
Poor Elon.
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