Elon Musk's $68 billion investment in Twitter (now called X) is a long way from paying off, with the company advising employees of a new $29 billion valuation when issuing employee shares this week.
It's the first clear sign that Musk's investment has gone downhill since his acquisition, despite a huge drop in usage by many long-term account holders.
The $39 billion loss is around 10 per cent of Musk's net worth, which is tied up in his shares in both Tesla and SpaceX as well as other investments.
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Musk's loss on X is being made public by sources within the company who have been given shares in the business as a part of their employment at a share price of US$45 ($70.59) to make a US$19 billion ($29.8 billion) valuation.
According to online traffic estimates from SimilarWeb, traffic to X on the web was down 14 per cent since Musk's takeover, while mobile performance was worse, down 17.8 per cent worldwide.
The only metric going up for X is the amount of traffic to Elon Musk's own profile, up 96 per cent year on year.
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Meta, owner of Facebook and Instagram launched a rival to X a few months ago called Threads.
That platform has gained 100 million active monthly users and is becoming a preferred platform for many previous X users.
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