Billionaire Elon Musk's acquisition of the social media platform Twitter, rebranded as X, has led to a significant drop in its value, according to reports from various media outlets.

While X was valued at $19 billion in a stock grant to employees, Musk paid approximately $44 billion for Twitter in October 2022. Since taking over, Musk has rebranded the platform and announced plans to transform it into an app with expanded features, including financial services.

However, X has experienced a substantial decline in advertising revenue under Musk's ownership, with reports suggesting it has halved. Many businesses have refrained from using X as an advertising platform due to concerns about potential negative impacts on their brand.

In an effort to counter these losses, Musk is focusing on generating revenue from subscriptions. He has also borrowed around $13 billion for the acquisition, incurring an estimated annual interest cost of approximately $1.2 billion, according to X. Photo by JD Lasica from Pleasanton, CA, US, Wikimedia commons.