Elon Musk, the CEO of Tesla, SpaceX and Starlink recently made headlines with his acquisition of Twitter for $44 billion. Even though his rank as one of the richest individuals globally, his foray into the social media huge seems to be facing challenges.

X the new name for Twitter after Elon Musk’s takeover, is facing a tough time as its value has dropped significantly. Musk’s achievement has resulted in a 71% decrease, bringing the valuation down to $12 billion.

This large decline is raising doubts about Musk’s strategy for the platform, which has been dealing with financial challenges.

Under Musk’s leadership, Twitter has been trying hard to figure out how to make more money. However, this journey has been controversial. Musk faced claims of discrimination and his response added to the criticism. As a result, companies like Apple decided to stop advertising on Twitter.

In an effort to expand income streams and decrease dependence on advertising, Musk introduced features like ad-free streaming and curated sharing through the X Premium subscription, courtesy of Grok AI. In spite of these efforts, the platform’s value remains to decline, and Musk’s response to disapprovals has stimulated new problems.

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Devotion, which initially assisted Musk’s takeover of X (formerly Twitter), has contributed to an important 71.5% drop in X’s value. Now, the platform is only worth 28.5% of the $44 billion Musk invested in 2022. On the other hand, competitors like Meta and Snap have seen their stock values rise, making them seem like more reliable choices for advertisers compared to X.

Musk’s entry into social media seems to be going through rough areas, creating doubts about the future of Twitter under his ownership.