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The renowned social media platform once considered the heartbeat of the digital world has experienced its steep down fall in value purchased by Elon Musk the Techno entrepreneur, and CEO Space X and Tesla. The platform is value has plummeted to one third of the acquisition price as revealed by Fidelity's recent markdown of its Equity stake in Twitter.
Now, Elon Musk who once saw Twitter as an opportunity to, to push the boundaries of social media has confessed that the acquisition was not as fruitful as he had envisioned. Now purchased for an astronomical forty four billion dollars, including thirty three point, five billion dollars in equity. Twitter's value has halved according to mask the exact methodology by which Fidelity determine the markdown remains undisclosed leaving.
Unanswered questions about whether they had access to any non-public information from Twitter. Now, the first signs of decline emerged in November when Fidelity reduced the value of its Twitter steak to 44 percent of the original purchase price and this initiated a series of further markdowns in December and February, marking a troubled, fiscal trajectory for the platform.
And since musk took control, Twitter's Financial Health has been precarious saddled with thirteen billion dollars of debt. The company faced a downturn marked by erratic decision-making challenges and content, moderation and compromise. Consequential 50% decline in advertising Revenue as revealed by musk and March and attempt to supplement.
This loss with the sales from Twitter, blew subscriptions fell flat as less than 1% of Twitter's, monthly users opted for the service by the end of March. And while Twitter remain silent failing to respond to requests for comment, musk's investment in the platform has dwindled to 8.8 billion dollars. The financial downturn is not going to noticed with the Bloomberg billionaires.
There's index using Fidelity is valuation indicating a dip in musk's 187 billion dollar Fortune by about 850 million. Now despite these Financial tribulations, musk's wealth has grown by more than 48 billion dollars. This year primarily attributed to a 63 percent surge in Tesla's share price. Now, the initial optimism that surrounded, musk's acquisition of Twitter in late October was short-lived and the platform experience to see.
A surge in users with app, downloads growing by nearly 10% in November now. However, daily active users. Barely budged showing an increase of less than one
percent from the previous month. And despite this must proclaim, the platform's usage to be at an all-time high with the actual figure, only 0.8 percent higher than Twitter's previous daily, user high in, June of twenty twenty-two musk is made, major alterations to Twitter's operations and functionality, while forecasting, the amp to reach one.
Billion monthly users by 2024. However, the Grandeur of his prediction contrasts sharply with the reality, and it is per data analysis, from autopia data API and sensor. Tower user engagement on Twitter has shown signs of decline. The once-promising, spikes and app, downloads are now. Flattening and following musk's take over the average time, spent on the app has remained stagnant at 19.1 minutes per
day. The same as in April, 20 22, According to epitope Ian and they say there was a pretty nice increase in usage right after he took over but now it's flat to down observes. Tom Grant head of research for apt opium and the platform saw brief periods of increased engagement, particularly around the collapse of Silicon Valley Bank an event that caused a surge among Twitter's power users. However, these instances were not sufficient to reverse the overall trend.
Now, comparatively other social media apps like Tick-Tock Instagram and Facebook. Book record, significantly higher daily, usage times users. Spend an average of eighty, seven minutes per day on Tick-Tock 43 minutes on Instagram and 39 minutes on Facebook. Dwarfing Twitter's average of 26 minutes per day as found by sensor tower. Now Twitter barely edged out Snapchat which sees 25 minutes of daily usage in the US.
And this stark contrast outlines the gravity of Twitter's challenges and maintaining user engagement notably Both younger and older users divided between Millennials and Gen X and older initially increase their time spent on Twitter according to data around the time of musk's take over however this momentum. Soon dissipated with both demographicsnow spending less
time on the platform. According to a copious analysis, a more worrying, sign lies in the weaning engagement of Twitter's power users in March events. Such as the collapse of Silicon Valley Bank led to a peak in platform engagement. Power users logging in for a one hundred and thirty eight point seven minutes a day and by April the figure fell to one hundred and thirty eight minutes, slightly less than the same period a year ago.
Globally, Twitter is user rank among all apps has stagnated at 7th place since January of twenty twenty-two. According to data, that Ai and app. Downloads once a promising metric, also showed signs of stagnation in April, downloads fell to sixteen point two million down from 17. Point.
Five million. In April of 2022, slight fluctuations have occurred for instance, in March, Twitter, dip to the eighth place for Global. Download ranks only to recover in April. And despite these statistics, there is a glimmer of hope the introduction of in-app purchases under musk stewardship, is shown promising growth in April, and May of 2022 in F revenue for Twitter total just over 120,000 dollars, combined fast forward to the same period in 2023.
The Any surged to just over three million dollars. And most of this revenue is driven by users purchasing Twitter, blew subscriptions, which offers users verified status for $11 per month for iOS and eight dollars per month for everyone else. Even though this growth in a revenue shows potential, the bigger picture remains unsettled since musk's take over there, we've been 88.1 million downloads of the app. Lee less than the same period a
year ago. When eighty eight point, six million people, downloaded the app. Now this data paints a challenging picture for Twitter under musk's management from Once being a thriving, social media platform, Twitter now, grapples with declining user engagement flattened app downloads and revenue. That despite some signs of life is far from robust in the spotlights. Now, on Elon Musk and he has to demonstrate his knack for Innovation and revitalization to
turn around the fortunes. Of this once-vibrant platform. His task is huge and we'll see how this Saga unfolds in the future. I want to say thank you for listening to the Elon Musk podcast today. I appreciate your time, I appreciate you spending it here with me today. If you can take a second and hit the Subscribe or follow button on whatever podcast platform that you're listening on right now. That would be fantastic. I do appreciate you and I hope
you have a great day. Please take care of each other and yourselves. And I'll see you next time.