Twitter is now worth just one-third of what Elon Musk paid for the social media platform, according to Fidelity, which recentlyMusk has acknowledged he overpaid for Twitter, which he bought for $44 billion, including $33.5 billion in equity.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.After saddling the company with $13 billion of debt, Musk’s erratic decision making and challenges with content moderation ledAn attempt to recoup that revenue by selling Twitter Blue subscriptions has so far failed to take off.Twitter didn’t specifically respond to a request for comment.
Musk’s investment in Twitter is now worth $8.8 billion, according to the Bloomberg Billionaires Index, which uses Fidelity’s valuation to calculate the value of his holding.The latest markdown erases about $850 million from Musk’s $187 billion fortune, according to the index. Despite Twitter’s issues, Musk’s wealth is up more than $48 billion this year, largely due to a 63% surge in Tesla Inc.’s share price.
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