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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Missing: R475m invested in Kempton Park disbarred financial advisor's 'investment' scheme | BusinessProsecutors are seeking to seize millions of rand from disbarred financial advisor Jacobus Geldenhuis, who the State says solicited almost R500 million in investments despite his company not having an operating licence. | JanTamb News24_Business
Source: News24 - 🏆 4. / 80 Read more »
Manchester United boss Ten Hag calls for more investment - SABC NewsManchester United manager Erik ten Hag has called for more investment in the club so they can challenge for trophies after the team finished third in the Premier League this season.
Source: SABCNews - 🏆 37. / 51 Read more »
Kenya: China in Africa - Kenya Railway Study Shows Investment Projects Aren't a One-Way StreetAnalysis - China is an important economic player in Africa. In 2021 alone, China accounted for nearly US$5 billion in foreign direct investment in African countries. The rapidly increasing Chinese presence across Africa has become a contentious issue both for Beijing and African governments.
Source: allafrica - 🏆 1. / 99 Read more »
Radisson’s African hotel investment safariRamsay Rankoussi of Radisson Hotel Group said, ‘Africa is big – not every continent has the same potential in terms of expansion. Key focus countries include SA, Nigeria, Morocco & Egypt’ on PropertyPod with SurenNaidoo. Download the podcast below.
Source: Moneyweb - 🏆 5. / 77 Read more »
Sponsored Content: Debunking infrastructure investment mythsInvesting in infrastructure is often seen as the preserve of institutional investors and deemed too risky and illiquid for the ordinary investor. However, these perceptions are slowly changing. Given investments made into infrastructure over the last decade and the scale of further investment needed, the importance of considering infrastructure as part of one’s portfolio cannot be ignored.
Source: dailymaverick - 🏆 3. / 84 Read more »