Musk & Tesla see combined $100 bn wealth erosion since Twitter takeover
ETMarkets.com|
1/6
Deep Cuts
Elon Musk's net worth and Tesla's market cap have seen a combined loss of about $100 billion since he took over Twitter in October-end last year. This is in addition to X's (formerly Twitter) valuation markdown to $19 billion. Musk spent $44 billion on Twitter a year ago to allow more free speech and turn it into an 'everything app'. (Source: NYT News Service, finitiv, Bloomberg, TOI)
ET Online
2/6
Trouble Brewing
While Musk still retains the world's richest honour with $193 billion, a global slowdown in EV sales has impacted Tesla hard. Sweeping changes and a growing sense of chaos on the platform, too, hurt Musk's Investment and X's ability to attract ads.
Reuters
3/6
Number Game
Market cap/ net worth loss since Twitter takeover: -Twitter - $25 bn-Tesla - $19 bn-Musk -$80 bn
PTI
4/6
Peer Comparison
At $19 billion, Twitter's valuation stands between Pinterest ($20b) and Snap ($516b). Facebook- parent Meta's market cap is $773 billion.
ETMarkets.com
5/6
Hate Speech Thrives
The platform has experienced a surge in harmful content. The war between Israel and Hamas- the sort of major news event that once made Twitter an essential source of information and debate - has drowned it in false and misleading information. The conflict has captured in full how much the platform has descended into the kind of site that Musk had promised advertisers he wanted to avoid when he took over.
Reuters
6/6
Sweeping Changes
The blue checkmark that once conveyed veracity and denoted verified accounts, often those of government agencies and prominent users, is available for $8/month. For more than 10 years, Twitter has been recognisable for its blue and white bird logo, which became a symbol of its unique lexicon. To "tweet" became a verb. A "tweet" referred to a post. Earlier this year, Musk got rid of it all.
