Twitter Now Only Worth 1/3 Of What Musk Paid For It
(RepublicanNews.org) – The world’s richest man bought the social media platform Twitter for $44 billion earlier this year, but the investment company Fidelity says Elon Musk’s business is now worth less than a third of that price tag.
Musk, best known for his innovative spaceship and electric vehicle companies, said he bought Twitter in part to make it a platform for free speech. One of the most widely used social media sites in the world, in recent years Twitter has taken an aggressive hard-left “woke” turn. Users have been banned and their messages suppressed for disagreeing with hard-left positions on things such as preferred pronouns and gender ideology.
Fidelity, which holds shares in Twitter, cut its valuation of the company by more than half at the end of 2022. This was about one month before Musk bought the platform.
Twitter’s value has bounced up and down as the platform – and Musk – have been roiled with controversy. Musk repeatedly positions himself as a champion of free speech, but it appears that many legacy employees may be working against his efforts. Users from the most anonymous to those with worldwide recognition continue to be banned or have their tweets algorithmically hidden for disagreeing with popular political takes.
This week, the conservative media company The Daily Wire announced a partnership with Twitter to release the documentary “What is a Woman?” on the platform. The film, starring Daily Wire commentator Matt Walsh, examines the current political battle over gender and transgender issues.
But just before the planned release of the film, an employee in Twitter’s “Trust and Safety” division apparently marked the film as containing “hate speech” and worked to make it impossible to share widely. Daily Wire employees and Musk traded tweets amid apparent confusion between Musk’s goals and the actions of his employees.
That employee, Ella G. Irwin, resigned from her position on June 1st after Musk chastised her decision to make the film difficult to find or view.
Poster Comment:
You win some and you lose some.