CNN, citing estimates from investment giant Fidelity, reported that X is now worth almost 80 percent less than two years ago when Elon Musk finally concluded his controversial acquisition in late October 2022. That is down from the $19.66 million the Fidelity fund said its stake was worth in October 2022 as Musk was finalising the acquisition. In June 2023 for example Fidelity had slashed its estimate of Twitter’s value, and suggested that Twitter had lost a staggering two thirds of its value since the Musk takeover. Then in January 2024 Fidelity estimated that X had lost 71 percent of its value since it was bought by Elon Musk. CNN noted that the new valuation from Fidelity implies that the investment giant believes X is now worth just $9.4 billion, which is a far cry from the $44 billion that Musk paid. Ives is quoted as saying that he believes Twitter was really worth around $30 billion when Musk bought it, and today it’s worth closer to $15 billion. The estimated worth of the social media platform X (formerly Twitter) continues to decline under the ownership of Elon Musk. Fidelity’s Blue Chip Growth Fund announced at that time that its stake in Twitter was worth $6.55 million, as of the end of April 2023. That new estimate marks a 24 percent drop in value from what Fidelity estimated as of the end of July 2024. Musk’s acquisition had taken Twitter into private ownership, and the platform is no longer publicly traded or releases regulatory filings, so there are no official ways to gauge Twitter’s current market value. Fast forward to now, and Fidelity estimates that at the end of August 2024, those shares were worth just $4.2 million. But Fidelity has a shareholding in the firm and regularly estimates what its stake in the firm is currently worth.
This Cyber News was published on www.silicon.co.uk. Publication date: Wed, 02 Oct 2024 13:43:07 +0000