Twitter Is Now Worth a Third of What Musk Paid for
Social media company’s value sinks to around $15 billion; Fidelity cuts its valuation for a third time!
Twitter is valued at one-third of what Elon Musk paid for it in October, according to asset manager Fidelity, which again marked down the value of its equity stake in the social-media company.
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@Twitter Is Now Worth a Third of What Musk Paid for It, Fidelity Says!
Social media company’s value sinks to around $15 billion; Fidelity cuts its valuation for a third time
according to asset manager Fidelity, Axios finds#Twitter #Elonmusk https://t.co/BzBWzgPzaU— The_Journalbiz (@the_journalbiz) May 31, 2023
Fidelity argues Twitter is worth less than Elon paid for
Fidelity Blue Chip Growth Fund’s stake in Twitter was valued at $6.6 million as of April 28, according to the fund’s monthly disclosure released Sunday. That is down from about $19.7 million at the end of October, shortly after Musk’s takeover, and the third time Fidelity has marked down the value of its Twitter stake, public disclosures show.
The firm didn’t disclose why it marked down the value of its position in Twitter, identified in filings by its new name X.
Fidelity didn’t immediately respond to a request for comment. The firm was one of several outside investors that helped finance the deal to take Twitter private.
Fidelity’s adjusted value puts Twitter’s overall valuation at about $15 billion, or roughly a third of the deal price.
