Tech giant Elon Musk has successfully expanded several businesses, bolstering his capital and financial prowess to become the richest person on Earth.
But the billionaire entrepreneur has seen a sharp decline in the value of the social media platform X which he acquired in 2017.
New numbers released at the end of September show the company’s stocks dropped 78 percent.
Although the social platform touts over 600 million users, it’s ranked 12th among all social platforms, according to the data outlet Exploding Topics. Musk is the user with the most followers on X.
Regardless, despite X’s value plummeting, his other ventures are rapidly growing.
One of his most prominent companies, SpaceX, partnered with NASA for the ninth crew rotation mission of the SpaceX Dragon spacecraft and Falcon 9 rocket to the International Space Station as part of the agency’s commercial crew program in September.
The team is currently doctoring a new offer that would boost SpaceX’s value by $40 million as reported by the Financial Times.
Musk’s outspoken advocacy for President-elect Trump proved to be a power move worth millions in gains too. His automotive company Tesla saw stock shares skyrocket 13 percent after the presidential election.
The billionaire will also now serve in a formal role after being selected for an appointment to the newly created Department of Government Efficiency intended to restructure federal agencies.
Its acronym ironically favors Dogecoin, one of Musk’s favorite cryptocurrencies. The exchange rose 18 percent in value after Trump’s win.
