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Elon Musk throwing money down the drain?  Twitter is already worth only a third of what the billionaire paid

Elon Musk throwing money down the drain? Twitter is already worth only a third of what the billionaire paid

The latest calculations by Fidelity indicate that Elon Musk has lost a lot on Twitter. At least for now. The value of the social networking platform is estimated today at about USD 15 billion, which is three times less than when the billionaire bought the website.

Elon Musk announced his intention to take over Twitter in April 2022, but . The beginnings of business under Musk were definitely not easy. The billionaire quickly fired more than half of the company’s staff, including its key employees, and caused many advertisers to turn away from the platform. The new president also messed up with its functions (e.g. verified account tag),

Twitter is worth three times less today than in October

However, his efforts seem to be in vain. The investment fund Fidelity has just calculated that the current value of Twitter shares owned by the rich man – – is only 33 percent. value before the purchase of the platform, i.e. approx. USD 15 billion. As , the calculation was based on the decline in the value of shares held by the fund, which were worth $6.55 million as of April 28. On the last day of January, however, the same package was still worth $7.8 million, and at the end of November last year it was worth $8.63 million. As a reminder, the billionaire paid as much as $44 billion for the social network.

Interestingly, Musk is no longer (at least formally) the head of Twitter, because he resigned from the position of president he previously held. In mid-May, he announced that Linda Yaccarino, who was formerly head of advertising at NBC Universal, would take over the leadership of the platform. It can be suspected that the choice of Yaccarino is not accidental and Elon Musk is counting on her experience to reverse the negative trend of declining advertising revenue. Thus, the billionaire kept his word given last year. 17.5 million people took part in the survey, and 57.5 percent. of voters supported the idea.

Source: Gazeta

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