According to a report by CNN, Elon Musk’s Twitter X (formerly known as Twitter) has secured a significant investment of $6.5 billion from the asset management firm Fidelity. This investment comes as Musk aims to transform the social media platform into an “everything app” called X. The article highlights that Fidelity’s investment values Twitter X at $63 billion, a substantial increase from the $44 billion that Musk paid to acquire the company in 2022. The investment is expected to provide Twitter X with the necessary capital to fund Musk’s ambitious plans, which include expanding the platform’s capabilities beyond microblogging. Musk envisions X as a “super app” that will offer a wide range of services, including messaging, payments, and potentially even ride-sharing and food delivery. The article also notes that Fidelity’s investment is a vote of confidence in Musk’s vision for Twitter X, despite the platform’s recent struggles with content moderation and advertiser concerns.
Source: https://www.cnn.com/2024/10/02/business/elon-musk-twitter-x-fidelity/index.html