Musk bought Twitter last year for $44 billion, but Fidelity says it's worth a lot less now.
Twitter is worth about one-third of what billionaire Elon Musk paid for it last year, American financial services corporation Fidelity says.
That overall valuation comes from Fidelity, which estimated its share was worth only $6.6 million as of April 28, the company’s monthly disclosures show — down from $19.7 million last October. The filing did not specify why Fidelity drastically lowered its valuation of Twitter, which is now technically called X Corp.
“Although obviously, myself and the other investors are obviously overpaying for it with Twitter right now,” he said. Twitter has had major financial issues since Musk’s bought the company. In 2021, a year before Musk’s takeover, 90% of Twitter’s revenue came from advertising. And Twitter’s adjusted earnings and total revenue dropped roughly 40% on a year-over-year in December, according to a Wall Street Journal report.
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