From Fidelity: Elon Musk has wiped out 72% of Twitter's value since taking over

Ad admission: I don't understand why the valuation ever reached eleven digits.

Twitter was never a $44 billion dollar company. Some suggests that the real price when Musk bought it was closer to $20 billion, but I feel like that was also way to high. Twitter/X is, at best, a $500 million company. It is a niche product, and it was never going to be able to justify a valuation of tens of billions of dollars.