Musk: ex-Twitter lost BRL 199 billion in value since purchase – 09/06/2023 – Tech

A tweet from Elon Musk indicates that X, formerly Twitter, has lost its value by US$ 40 billion (R$ 199 billion) since the acquisition at the end of last October. Monday’s post (4) was a response to a user.

The boycott campaign promoted by the Anti-Defamation League, an organization for the protection of Jews, since last year would be responsible for, at least, 10% of the depreciation of the social network, says Musk. The entity accuses the billionaire of anti-Semitic speech.

In this scenario, the entity would have caused losses of US$ 4 billion, calculated the also owner of Tesla. The information was first published by the economics magazine Fortune.

The loss estimated by Musk would represent a devaluation of almost 90% of the amount paid for the acquisition: US$ 44 billion (R$ 218.9 billion). Of this amount, he took about US$ 24 billion (R$ 119.9 billion) in shares from his own pocket.

Also involved in the business were friends of billionaire Larry Ellison, Ron Baron and Prince Al Waleed of Saudi Arabia.

They contributed with US$ 7 billion (R$ 34.9 billion) in shares. The other US$ 13 billion (R$ 64.9 billion) was financed by banks.

Musk developed the reasoning in a dialogue about the possibility of taking the American NGO to court for defamation.

“They could be hooked for destroying up to half of the company’s value, which is $22 billion (R$109.5 billion),” Musk wrote in X.

The president of the Anti-Defamation League, Jonathan Greenblatt, said on his account on the same social network, in May, that Musk’s lines feed anti-Semitic speeches by the far right and can encourage extremists.