REPORT: Twitter Now Worth One-Third What Musk Paid

Yahoo Finance reports:

Twitter is now worth just one-third of what Elon Musk paid for the social-media platform, according to Fidelity, which recently marked down the value of its equity stake in the company.

Musk has acknowledged he overpaid for Twitter, which he bought for $44 billion, including $33.5 billion in equity. More recently, he said Twitter is worth less than half what he paid for it.

It’s unclear how Fidelity arrived at its new, lower valuation or whether it receives any non-public information from the company. Fidelity first reduced the value of its Twitter stake in November, to 44% of the purchase price. That was followed by further markdowns in December and February.

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Twitter is now worth just one-third of what Elon Musk paid for the social-media platform, according to Fidelity https://t.co/lMa7tguRZ2

— Bloomberg (@business) May 31, 2023