NOSEDIVE

Twitter Now Worth Just 33% of What Musk Paid: Fidelity

Ouch.

Twitter is now worth around one-third of what Elon Musk paid for the social media platform last year, according to Fidelity. The financial services company on Sunday marked down the value of its investment in Twitter, which Musk bought for $44 billion in October. Twitter is now worth just $15 billion, or around 33 percent of Musk’s purchase price, according to Bloomberg. Fidelity, which was one of several outside investors that helped the Tesla boss complete his takeover of Twitter, had already marked down the company’s value on two occasions since the buyout. Its stake in Twitter has tumbled from $8.63 million at the end of November to just under $6.55 million as of April 28, Reuters reports. Musk previously admitted that he and others were “obviously overpaying” for Twitter.