Major Twitter Investor Devalues Holdings By 56%

Axios reports:

Fidelity slashed its carrying value of Twitter by 56% during the first month of Elon Musk’s ownership, according to a new disclosure. Fidelity was among the group of outside investors that helped Musk finance his $44 billion takeover of the social media site, by purchasing equity. Fidelity’s Contrafund valued its Twitter shares at $53.47 million on Oct. 31, which was just days after Musk’s deal closed. It then revalued the shares at around $23.46 million as of Nov. 30, representing a 56% decline.

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Fidelity slashed its carrying value of Twitter by 56% during the first month of Elon Musk’s ownership, according to a new disclosure.https://t.co/lj1HkxEgp0

— Axios (@axios) December 30, 2022