According to media reports, the online platform belongs to Elon Musk
When shares were awarded to employees, X was valued at a total of $19 billion, the magazine ‘Fortune’ and the financial service Bloomberg wrote on Monday. Musk paid about $44 billion for Twitter in October 2022. He has now renamed the service X and wants to use it as a basis to build an app with more functions including financial services.
The platform has suffered a significant decline in advertising revenue since the acquisition. Musk has said several times that they are only about half as high as they once were on Twitter. Many companies avoid X as an advertising platform because they fear a negative climate for their brands.
Musk is increasingly trying to fill the gap with subscription revenue. Before the acquisition, he also took out loans of around $13 billion – which are now at (sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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