Did Elon Musk Just Admit That Twitter's Value Is Down By 90% After His $44B Acquisition?

Elon Musk's $44 billion acquisition of Twitter (now X) has been mired in controversies, but his latest admission could be a sign of just how bad it has turned out for him so far.

What Happened: In his ongoing rant against Jewish-led civil rights organization Anti-Defamation League (ADL), Musk may have inadvertently admitted that X has lost at least 90% of its value, or nearly $40 billion.

"I don't see any scenario where they're responsible for less than 10% of the value destruction, so ~$4 billion," he said.

Musk has been complaining that ADL destroying X's revenue streams by pressuring advertisers to stay away from the social media platform. He threatened to sue the non-profit organization earlier this week, alleging that they could be "on the hook" for destroying half the value of the company, or $22 billion.

The rest of the $18 billion decline in X' value remains unexplained since Musk did not really delve into the details of his calculation.

Why It Matters: X is struggling as far as revenue is concerned. Musk alleged that ADL's pressure tactics have led to a 60% fall in X's revenue.

He claimed that ADL "has been trying to kill this platform by falsely accusing it and me of being anti-Semitic."

While X has aggressively pushed for and implemented a paid subscription service called X Premium (earlier Twitter Blue), it seems inadequate.

Musk could be considering launching an X Premium referral program to incentivize users to refer their friends to sign up for the subscription service.

Currently, X Premium costs $8 per month or $85 per year if subscribed using the company’s website. Benefits include prioritized rankings, fewer ads, longer posts, the ability to edit tweets, and the ability to qualify for the company’s ad revenue-sharing program.

Check out more of Benzinga’s Consumer Tech coverage by following this link.

Market News and Data brought to you by Benzinga APIs