“Fidelity Investments Values Twitter at One-Third of Elon Musk’s Purchase Price”

The microblogging platform “Twitter” is now worth only one-third of what Elon Musk paid, according to calculations by financial services and investment management company “Fidelity Investments”.

“Fidelity” recently reduced the apparent value of its “Twitter” investment for the third time, according to “Bloomberg”. Namely, it means that the company believes that the shares could be sold for the value that it had previously estimated. Previously, the company reduced the value of its investment already last November.

It should be mentioned that Musk himself has admitted that he overpaid for Twitter, which he bought last November for $44 billion. More recently, he said Twitter was worth less than half of what he paid for it.

Fidelity estimates now say that Twitter’s value has fallen by 33% since the billionaire bought it.

Twitter has struggled financially since Musk took over, with the billionaire’s decisions and content regulation challenges causing a 50% drop in ad revenue.

An attempt to recoup that revenue by selling “Twitter Blue” subscriptions has so far been unsuccessful. At the end of March, less than 1% of Twitter’s monthly users had signed up for the paid system.

Musk’s investment in Twitter is now worth $8.8 billion, according to the Bloomberg Billionaires Index, which uses Fidelity’s valuation.

It should be mentioned that despite the problems of “Twitter”, the wealth of Musk, who regularly strives for the title of the richest person in the world, has increased by more than 48 billion US dollars this year. This is mainly due to the increase in Tesla’s share price.

At the beginning of May, Musk announced that the social network “Twitter” of the company “X Corp.” Linda Jaccarino from the NBCUniversal company, which has been closely associated with the advertising industry for many years, has been selected as the executive director.

The duties of the new manager will be to improve the profitability of the social network. Musk has said he will remain responsible for Twitter’s product design and technology, while Jaccarino will focus primarily on business operations.

Jaccarino previously worked at the entertainment and media company NBCUniversal for nearly 12 years.