Twitter’s value plummets by two-thirds – Musk’s costly acquisition takes a hit: Report

Twitter’s worth has dropped to one-third of what Elon Musk and his co-investors spent to acquire the social media network last year, according to financial services giant Fidelity. According to Fidelity’s most recent monthly portfolio valuation report, Twitter is valued at only $15 billion, a minuscule fraction of the $44 billion acquisition price. This is Fidelity’s second decrease in business valuation since the acquisition, casting a bleak picture for the once-promising platform.

Fidelity’s Twitter stock, valued at approximately $6.55 million as of late April, has taken a significant fall under Musk’s X Holdings. Musk has admitted that he overpaid for Twitter, and he recently indicated that the site is worth less than half of what he spent for it. The exact technique utilized by Fidelity to arrive at their revised valuation remains unknown, as does whether they received any non-public information from the company.