Twitter is now worth just one-third of what Elon Musk paid for the social-media platform, according to Fidelity, which recently marked down the value of its equity stake in the company. Musk has acknowledged he overpaid for Twitter, which he bought for $44 billion, including $33.5 billion in equity. More recently, he said Twitter is worth less than half what he paid for it. Fidelity first reduced the value of its Twitter stake in November, to 44% of the purchase price. 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.

Source: Mint May 31, 2023 22:15 UTC