Twitter is now worth just 33% of the price Elon Musk paid – Fidelity

The social network Twitter is now worth only a third of the amount that billionaire Elon Musk paid for it last fall. This is evidenced by data from Fidelity, reports Bloomberg.

It is not yet clear what led Fidelity to make such an estimate and whether it receives any non-public information from the company. Elon Musk himself, who bought Twitter for $44 billion, recently said that the social network is worth less than half of what he paid for it.

As you know, Twitter has experienced financial difficulties since Elon Musk took over the company. After it saddled itself with $13 billion in debt, erratic decision-making and problems with content moderation led to a 50% drop in advertising revenue. An attempt to level the financial indicator by selling paid verification has not yet had a positive result.

Despite the problem with Twitter, Elon Musk’s fortune increased by more than $48 billion this year. This was largely due to the increase in the price of Tesla Inc.’s shares. by 63%.

It was recently reported that Elon Musk is in negotiations about hiring NBCUniversal Chairman of Global Advertising and Partnerships Linda Yaccarino as CEO of Twitter. Last month, Linda Yaccarino interviewed Elon Musk on stage at a promotional event in Miami.