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As Fidelity Fund Marks Down Value, Twitter May Be Worth One-Third of What Musk Paid for It Last Fall

By 06/01/2023 7:15 PMNo CommentsBy YidInfo Staff

Seven months ago, one-third of what Elon Musk paid for Twitter may represent its current value.

The market value of the Fidelity Blue Chip Growth Fund’s stock interest in Twitter decreased a third time, bringing it down to $6.55 million.

The Fidelity fund valued its interest at roughly $20 million in October, but that amount has decreased.

Fidelity Investments, a private company that offers financial services, must report its assets regularly to the SEC even though it is not publicly traded. Information about Twitter’s finances cannot be independently confirmed because it is a private corporation presently known as X Holdings Corp.

Following months of uncertainty and a protracted court struggle, Musk took over Twitter in October.

Twitter was purchased by the CEO of Tesla, who also owns SpaceX, for $44 billion.

The billionaire used money, including loans from several banks, to pay for the purchase. Musk claimed that while the $44 billion price tag for Twitter was excessive, the company still had a lot of promise.

After buying Twitter late last year, Musk told the BBC in April that running the social media company had been “quite painful” but that it was now nearly breaking even.

According to Musk’s then-predicted scenario, Twitter may become “cash flow positive” in the upcoming quarter “if current trends continue.”

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