Musk, who has acknowledged he overpaid for Twitter, offered employees new equity grants earlier this year that valued the company at US$20 billion. It’s unclear how Fidelity arrived at its new valuation or whether it receives any non-public information from the company.Canada's best source for investing news, analysis, and insight on investment strategies, stocks and more.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Twitter has struggled financially since Musk took over. After saddling the company with US$13 billion of debt, Musk’s erratic decision making and challenges with content moderation led advertising revenue to decline by 50 per cent, Musk said in March. An attempt to recoup that revenue by selling Twitter Blue subscriptions has so far failed to take off. At the end of March, less than one per cent of Twitter’s monthly users had signed up.