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X was worth a total of $19 billion when the shares were distributed to employees, “Fortune” magazine and fellow financial service Bloomberg wrote on Monday. Musk paid approximately $44 billion to Twitter in October 2022. It has since renamed the service to X and wants to use it as the basis for building an app with more functionality, including financial services.
The platform has experienced a significant decline in advertising revenue since the takeover. Musk has said several times that these values were once only half as high as those on Twitter. Many companies avoid using X as an advertising platform because they fear a negative environment for their brand.
Increasingly, Musk is trying to fill the void with subscription revenue. In addition, it took out a loan of approximately $13 billion for the acquisition. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
