Twitter valued at one-third what Musk paid for it last year

After months of chaos, Twitter is settling into its new role as Elon Musk's proprietary media, used (if not always useful) to promote the right-wing memes and personalities he's into and, well, not much else. With use reportedly in decline and revenues in bad shape, it's now worth about a third of what Musk paid for it last year, according to financial services company Fidelity Investments.

By April Musk was telling the BBC that running Twitter has been " quite painful " but that the social media company is now roughly breaking even after he acquired it late last year. Musk predicted at the time that Twitter could become "cash flow positive" in the current quarter "if current trends continue."

One funny thing about the new Twitter is all the journalists who are professionally obligated to remain there. The everyday addicts are leaving, but the journos can't. They're stuck doing the 2010s' "media Twitter" act while reactionary vitriol swarms and swirls around them. So in that respect, Musk has undeniably achieved something: he's turned Twitter into a right-wing social media platform without killing its status as the platform of record.