Elon Musk, investors reportedly more than $24B on X acquisition

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Tech,Elon Musk,Jack Dorsey

Musk and his partners committed $33.5 billion toward the $44 billion purchase for the site in October 2022 — with that initial payout now valued at a paltry $9.38 billion.

Elon Musk and his investors in X have seen the value of the social media platform plunge 72% — resulting in $24 billion in paper losses — since the tycoon purchased the company less than two years ago, according to a report.toward the $44 billion purchase for the site formerly known as Twitter in October 2022 — with that initial payout now valued at a paltry $9.38 billion, the

When Musk was gathering his group of investors, Fidelity added a little more than $300 million to the mogul’s $44 billion takeover.4Among Musk’s partners who took the biggest financial hit from their investment in the social media company is Saudi Prince Alwaleed bin Talal al Saud, who rolled his nearly $2 billion stake in Twitter into the deal that took the firm private.

“In our books, on my books personally, we are valuing at minimum the entry level that we entered with,” Alwaleed told the newspaper.Alwaleed insisted that “we are very happy with the alliance” with Musk and that “we categorically reject any discount to company.”

 

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