Elon Musk accuses civil rights organization: X has lost 90 percent of its value

• Musk: X has lost 90 percent of its value and is still worth about $4 billion
• Elon Musk blames the ADL for the loss in value
• ADL “try to kill X”

Elon Musk recently shocked again with a message. The fact itself is not surprising, but the content of the message is even more so. According to the message that Musk posted on the social media platform on the evening of Labor Day, X, formerly Twitter, is said to have lost around 90 percent of its value and is now only worth around four billion US dollars.

Musk: The ADL is trying to “kill X”

According to Musk, the Jewish-led civil rights organization Anti-Defamation League (ADL), among others, is to blame for these developments and the immense financial damage. This is said to have expressed strong objections to malicious anti-Semitic posts from right-wing extremist hate groups that X had allowed on the platform. Musk then reportedly accused the ADL of being “aggressive in its demands to suspend social media accounts for even minor infractions.” He also wrote that the organization is “trying to kill X” because the ADL is urging advertisers to avoid the platform.

Since the acquisition, The @ADL has been trying to kill this platform by falsely accusing it & me of being anti-Semitic

– Elon Musk (@elonmusk) September 4, 2023

Musk is now said to have threatened to sue the nonprofit organization, according to Benzinga.

X with 90 percent loss in value

Since purchasing X, or Twitter at the time, last October, Musk has emphasized several times that the value has fallen sharply. The Tesla boss bought the company for $44 billion. He is said to have financed $13 billion of this through loans from well-known commercial and investment banks, as Fortune reports. 31 billion US dollars were equity – 24 billion US dollars of which were our own money, 7 billion US dollars from friendly investors, for example Larry EllisonRon Baron and Prince Al Waleed of Saudi Arabia.

Strong declines in advertising revenue are said to be particularly responsible for the extreme loss in value. Musk added via “I don’t see a scenario where they are responsible for less than 10% of the value destruction, so about $4 billion.”

Based on what we’ve heard from advertisers, ADL seems to be responsible for most of our revenue loss.

Giving them maximum benefit of the doubt, I don’t see any scenario where they’re responsible for less than 10% of the value destruction, so ~$4 billion.

Document discovery of…

– Elon Musk (@elonmusk) September 4, 2023

According to this calculation, the total decline is expected to be $40 billion. Musk and his partners paid a total of $44 billion. After deducting the 90 percent or $40 billion loss in value, X would now be worth $4 billion.

However, it is questionable to what extent the accusations are justified or whether Musk is perhaps making things a little too easy for himself with this explanation.

Editorial team finanzen.net

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