Cost of social network X drops by 71% after purchase by Elon Musk and rejection of the Twitter name

The cost of social network X dropped by 71% after its purchase by Elon Musk and the decision to abandon the Twitter name. Musk acquired Twitter for $44 billion in October 2022 and renamed the platform in July 2023. According to Fidelity's estimations, the value of X was approximately $12.5 billion by the end of November 2023. The number of monthly users of the social network decreased by 15% in the first year after its acquisition by the businessman.