Investors Are Demanding Elon Musk Makes A Change After X Loses Billions Of Its Value

Since Elon Musk took control of X, formerly known as Twitter, in 2022, investors have lost billions of dollars. Now, they are speaking out against the tech mogul for his faulty business decisions.

Musk purchased the platform for $44 billion using bank loans. However, after he laid off 75% of its staff, changed the app’s name, sought more advertisements and altered user guidelines, the company lost billions of its value.

“Elon’s done a tremendous amount of wealth destruction since he’s purchased Twitter,” Tesla investor Ross Gerber told The Washington Post. “For the people who put capital into [Elon] for any amount, trying to explain to people how he lost [so much money] is not a fun conversation.”

Gerber has given Musk a six-month deadline to increase Tesla’s stock before he pulls his business. He said he receives daily calls from clients asking him to sell his shares, though he is hanging on in hopes of a turnaround.

Twitter founder Jack Dorsey, still one of the platform’s largest owners, has lost an estimated $730 million. Last year, he tweeted that “it all went south” following Musk’s acquisition.

In contrast, Saudi Prince Alwaleed bin Talal, who invested almost $2 billion in Twitter, is still confident in his decision. He noted that he has not marked down the value of the investment. 

Despite his optimism, even advertisers have exited the app en mass due to Musk’s political and financial decisions. 

Last week, Musk was accused of hypocrisy after calling mail-in voting “insane” after repeatedly voting by mail.