Constancy has marked down the worth of its shares in X Holdings Corp., the mum or dad firm of the platform previously often called Twitter, by 71.5 p.c since Elon Musk bought the corporate in October 2022.
The funding agency minimize its valuation of X by about 10.7 p.c in November alone, from an estimated $6.3 million on the finish of October to only below $5.6 million by the top of the next month, in response to a current submitting.
The social media firm confronted a number of scandals on the finish of the yr. Musk confronted renewed accusations of antisemitism in November, after he appeared to endorse a publish selling an antisemitic conspiracy principle.
Shortly after, left-leaning media watchdog group Media Issues for America printed a sequence of stories saying it had discovered adverts for mainstream manufacturers positioned subsequent to pro-Nazi and white nationalist content material on X.
As main corporations halted their advert spending on the platform, Musk lashed out, telling advertisers to “go f‑‑‑ your self.”
“If somebody goes to try to blackmail me with promoting, blackmail me with cash, go f‑‑‑ your self,” he mentioned at The New York Instances DealBook Summit in late November. “Go f‑‑‑ your self. Is that clear? Hope it’s.”
The outburst punctuated a yr outlined by setbacks and scandals for the billionaire proprietor of Tesla and SpaceX. Musk started the yr nonetheless reeling from an analogous exodus of advertisers following his abrupt takeover of Twitter in October 2022.
Whereas Musk tried to lure advertisers again to the platform, he additionally continued to implement controversial modifications to X, publicly feuded with watchdog teams monitoring hate speech and antisemitism, and confronted heavy scrutiny from the European Union over X’s obvious failure to deal with violent content material and disinformation amid the Israel-Hamas battle.
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