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Staggering amount of money Twitter lost in 2023 following Elon Musk’s takeover

Staggering amount of money Twitter lost in 2023 following Elon Musk’s takeover

X - formerly known as Twitter - has reportedly lost a whole lot of value over the last year.

Elon Musk had a big 2023.

He ended the year as the world's richest person, finally started delivering Tesla Cybertrucks to customers and launched 98 rockets with his SpaceX company.

But the year wasn't without its setbacks, particularly around the social media company, X (formerly known as Twitter), that Musk bought in October 2022.

Elon Musk took over X in 2022.
Michael M. Santiago / Staff / Getty

Since he took the reigns at X, the billionaire has faced a string of controversies, including around his treatment of staff and mass job cuts at the firm, and the site’s changing approach to moderation.

According to American news website Axios - citing numbers from Fidelity - X is worth less than two-thirds the price Musk originally paid.

Fidelity reportedly believes X is worth 71.5% less than at the time of purchase, according to numbers that run to the end of November 2023.

So what issues did X face in 2023?

Advertising was a big thorn in Musk's side.

Disney, Comcast and other high-profile advertisers stopped spending on X after the liberal advocacy group Media Matters issued a report showing that their ads were appearing alongside material praising Nazis.

X has sued the group, claiming it “manufactured” the report to “drive advertisers from the platform and destroy X Corp.”

Never one to shy away from conflict, Musk then went on an expletive-ridden rant in an on-stage interview about companies that had halted spending on X. Musk asserted that advertisers that pulled out were engaging in “blackmail” and, using a profanity, essentially told them to get lost.

One of the biggest changes for X was removing the blue checkmark for verified accounts and allowing anyone to buy the tick for $8 per month - a decision that has proven divisive.

X users now pay for a blue tick.
SOPA Images / Contributor / Getty

This is Musk we're talking about, so as you can probably imagine, he doesn't seem too fussed by all the noise around X.

In November, X user DogeDesigner suggested in a post that visits and page views on X were increasing, and Musk reposted it with his signature irreverence, writing: "Turns out that if a product is compelling, people use it lol."

But the drama is set to continue into the new year. One of the biggest issues Musk will face at X is the European Union's investigation into the company, alleging a breach of rules in a number of areas including stopping illegal content and disinformation.

The proceedings have been launched under the Digital Services Act (DSA), tough new tech laws introduced by the EU which require the biggest platforms to protect their users against extreme and harmful content.

Failure to do so can mean large fines or a service being suspended in the EU – outcomes X could not afford to face.

Despite a tricky period, Musk is still laughing all the way to the bank - and ended 2023 $100 billion richer than he was in 2022.

Featured Image Credit: Slaven Vlasic / Stringer / Matt Cardy / Contributor / Getty