From Nasdaq:

Reddit co-founder Alexis Ohanian and Wall Street executive Omeed Malik both praised Elon Musk’s efforts to transform X, formerly Twitter, into the ultimate “everything app”. X’s value has dropped to less than half of its purchase price, but Malik suggested that evaluating its worth solely based on Fidelity’s metrics might not be the most accurate approach.

Fidelity raised X’s value in its fund by 11% in December, despite holding the stake at a 68% discount from Musk’s original purchase price, thereby implying a valuation of approximately $14.1 billion. Malik highlighted the success of Tucker Carlson’s traction on X and its potential with advertising, comparing it to the Super Bowl.

Alexis Ohanian praised Musk’s integration of sports betting with BetMGM on X, highlighting Musk’s commitment to transforming X into “the everything app” and the progression of products and partnerships being shipped to bring this vision to fruition.

Under Musk’s leadership, X has undergone a dramatic transformation since its $44 billion acquisition in 2022. Major changes in content guidelines and staffing have led to a decline in advertising revenue. Musk aims to pivot X toward paid subscriptions from advertising, but it has faced challenges during implementation.



Read more: ‘He Has Resurrected X:’ Wall Street Veteran Exec Explains Why Reddit Co-Founder’s Praise For Elon Musk’s ‘Everything App’ Vision Holds Despite Valuation Dip