Musk shelled out $44 billion to buy the social network and restore “free speech,” but the tide appears to have gone wrong, according to Fidelity Investments.
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Elon Musk allocated US$44 billion to buy Twitterbut now its value has fallen to a third of the amount paid by the tycoon, estimated Fidelity Investments, one of the firms that participated in said operation.
Fidelity forecasts that the value of Twitter is now US$15,000 million after almost half a year since the transfer to Musk was made official in order to “restore his vision of freedom of expression”, which resulted in changes within the platform that caused the Exit or reduction of advertising spending of some brands.
In March of this year, Elon Musk told his employees that Twitter’s value had fallen to about $20 billion, less than half of the final transaction.
The valuation of Fidelity, which refers to Twitter now with the new name of X Holdings given to it by the CEO of Tesla, is prior to the appointment of Linda Yaccarino as the new executive director of the social network.
Source: Larepublica
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