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Twitter’s Worth Down To Just $15 Bn Under Elon Musk: Report


New Delhi: Twitter is now price solely about $15 billion, an enormous 33 per cent decrease than $44 billion Elon Musk and his co-investors paid to amass the platform, the media reported on Wednesday.

Twitter has struggled financially since Musk took over.

The monetary companies big Fidelity estimated in its month-to-month report of portfolio valuations that Twitter is now price simply one-third price of what Musk paid for the micro-blogging platform, stories Bloomberg.

Musk’s funding in Twitter is now price $8.8 billion. The outgoing Twitter CEO spent over $25 billion to amass an estimated 79 per cent stake within the firm in October final 12 months.

He earlier acknowledged that he overpaid to amass Twitter, together with $33.5 billion in fairness.

“Although obviously myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter in my view is an order of magnitude greater than its current value,” Musk had mentioned throughout Tesla’s earnings name in October final 12 months.

“I’m excited about the Twitter situation, because obviously I know their product incredibly well,” he mentioned. “And I think it’s an asset that has sort of languished for a long time but has incredible potential.”

Fidelity first diminished the worth of its Twitter stake in November, to 44 per cent of the acquisition worth. That was adopted by additional markdowns, the report talked about.

Fidelity’s Twitter stake, which now comes underneath Musk’s X Holdings, was valued at virtually $6.55 million (as of late April).

Going via a churning with nearly 1,500 workers left from an earlier 7,500-strong workforce, Twitter is discovering it troublesome to make sturdy earnings.





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