• Elon Musk has reached 200 million followers on X platform, surpassing other high-profile figures.
• Musk's vision for X is a global group chat, but the authenticity of his followers has been questioned.
• Fidelity slashed the value of its holding in X by 78.7%, valuing it at $9.4 billion, far less than its purchase price.
• Despite the controversy and valuation cut, Musk's leadership and the future of X remain a topic of global interest.

In a significant achievement, tech tycoon Elon Musk has become the first individual to amass 200 million followers on the X social media platform. This milestone comes after Musk's acquisition of the platform in October 2022, a deal that cost him a staggering $44 billion. Musk's following on X dwarfs that of other high-profile figures. Former US President Barack Obama trails behind with 131.9 million followers, while renowned footballer Cristiano Ronaldo has 113.2 million followers as of October 3.

Pop singer Justin Bieber and music icon Rihanna hold the fourth and fifth spots with 110.3 million and 108.4 million followers respectively. Notably, Indian Prime Minister Narendra Modi recently crossed the 100 million follower mark, a feat that was publicly lauded by Musk. As of now, Modi has 102.4 million followers on the platform.

Musk's Vision and Controversy Surrounding X

Musk's X platform boasts more than 600 million monthly active users (MAUs), and around 300 million daily active users (DAUs). However, the authenticity of Musk's followers has been called into question. Recent reports suggest that a significant portion of Musk's followers are inactive accounts, artificially inflating his follower count. Despite these allegations, no official confirmation has been made.

Musk, who also owns Tesla and SpaceX, envisions X as a global group chat. He has stated that the platform sees maximum traffic from all over the world, making it a group chat for Earth. The tech billionaire has ambitious plans for X. He aims to transform it into an everything app, a platform where users can post movies and TV shows, and even make digital payments. Musk has also claimed that X's usage in the US has reached an all-time high.

Fidelity's Valuation Cut and Historical Precedence

However, not all news surrounding X has been positive. Fidelity, a global investment firm, recently slashed the value of its holding in Musk's X by a massive 78.7 per cent. This drastic reduction implies that X is now valued at a mere $9.4 billion, a far cry from its $44 billion purchase price.

This valuation, reported by TechCrunch and based on Fidelity's filings, suggests that X is now worth less than a quarter of its purchase price as of the end of August. Neither X, Fidelity, nor Musk have commented on this report. This event is reminiscent of similar occurrences in the tech industry. For instance, in 2000, during the dot-com bubble, many internet companies saw their stock prices inflate rapidly, only to crash dramatically when the bubble burst. This led to significant financial losses for many investors.