How Elon Musk Lost 79% After He Bought Twitter (X)?

According to CNN Business, social media platform X (Twitter) is now worth 79% less than when Elon Musk acquired it 📉

Fidelity estimates that X is currently valued at $9.4 billion, while Elon Musk spent $44 billion on the purchase.

What was the story behind his Twitter purchase? Read the provided screenshot