Elon Musk's company, X, formerly known as Twitter, is facing a major loss.
Musk bought Twitter for a significant sum of $44 billion, to be exact. However, its current value has significantly decreased to only $19 billion.
This marks a decrease of over fifty percent in just a year.
How do you make a small fortune in social media?— Elon Musk (@elonmusk) November 18, 2022
Start out with a large one.
In order to acquire X, Musk also accumulated billions of dollars in debt.
Despite the considerable challenges, Elon Musk remains optimistic about X's prospects. He envisions X transforming into an "everything app" with an array of features, including dating services and job recruiting. Musk holds firm in his belief that X has the potential to achieve almost anything.
Linda Yaccarino, CEO of X, also offered encouraging words to the employees, urging them to remain steadfast in their vision for the company.
She advised them not to be discouraged by those who fail to recognise their aspirations for X, emphasizing their determination to steer it toward success, despite its decreased valuation.