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Home » Twitter may now be worth a third of its value compared to when Elon Musk acquired it, reports CNN Business

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Twitter may now be worth a third of its value compared to when Elon Musk acquired it, reports CNN Business

by | May 31, 2023

A Fidelity fund has slashed its estimate of Twitter’s value “amid ongoing chaos at the company, implying the social media platform may be worth only a third of its value compared to when Elon Musk acquired it in October,” reports CNN Business.

According to a monthly disclosure, Fidelity’s Blue Chip Growth Fund reported that its stake in Twitter was worth $6.55 million at the end of April, adds CNN.

“That’s down from the $19.66 million the Fidelity fund said its stake was worth in October as Musk was finalizing the acquisition. The revision implies Twitter may be worth only $15 billion overall,” as opposed to Musk’s $44 billion purchase price, reports CNN.

Fidelity did not provide a reason for the markdown in its disclosure nor an explanation of how it arrived at its valuation, “but the adjustment coincides with widespread public blowback to Musk’s erratic decision-making,” states CNN.

More here.

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