After months of controversy, the new year begins with some decidedly worrying news for Musk and his social network.

Elon Musk will undoubtedly remember 2023 as one of the most turbulent years of his career: in the past twelve months the entrepreneur was the protagonist of many controversial episodes and, although he closed the year remaining in the top 3 of the most powerful men in the world , his image has suffered several shocks and his approval by public opinion has significantly decreased.

Bad news for Elon Musk (Photo Ansa) – Sjbeez

At the heart of his problems is one of the most discussed investments of his career: the purchase of Twitter, one of the most famous social networks in history and among the most used by millions of users around the world. At least until before Musk’s arrival. Since Musk got his hands on Twitter, he has carried out a series of corporate policies that have contributed to distancing not only the public, but also investors from the platform. And now, already in the first days of 2024, the prospects for the future of the social network could not be worse.

The year opens in the worst possible way for Musk

Twitter has been in Elon Musk’s hands for just a year but in such a short time it has already had to deal with a name change (today it is known as “X”), the dismissal of many of its employees and a drastic reduction in content moderation compared to to the past.

Musk’s statements on some delicate issues have caused serious image damage to the platform (Photo Ansa) – Sjbeez

At the end of the year, then, came the event that could definitively mark his downfall: Musk indulged in controversial statements regarding the ongoing armed conflict between Israel and Palestine and this brought in many investors, including important brands such as Disney, Apple and Nike, to withdraw their advertisements on the platform.

These days, a mutual fund that helped Elon Musk buy X now says that the platform is worth 71.5% less than the $44 billion it was purchased for in 2022. Fidelity, a well-known investment company , cut the rating of Musk’s social media platform by more than 10% in November when Elon Musk shared his thoughts on Jews and told advertisers to “go to hell.”

Musk responded to the controversy by saying that Now everything depends on the next moves that Musk will choose to undertake and, as we all know, it will not be easy to predict them: there is a risk of seeing the platform for sale.