Elon Musk’s Twitter is currently only worth a third of its $44 billion price tag
According to one of Twitter’s few remaining outside investors, the value of the firm has fallen by approximately two-thirds since Elon Musk bought it in October 2022.
After Musk purchased the company for $44 billion, Fidelity, an asset manager, held a stake in Twitter valued at around $20 million. According to a corporate filing, the interest is now only worth slightly less than $6.6 million. According to that estimate, the total company, now formally known as X Holdings Corp after Musk’s early venture X.com, is only worth $14.75 billion.
Since Musk took over, Twitter has faced financial difficulties. Musk said in March that the business’s advertising revenue had decreased by 50% as a result of his unpredictable decision-making and difficulties with content filtering, which had saddled the company with $13 billion in debt. Selling Twitter Blue subscriptions has been an unsuccessful attempt to recover that money. Less than 1% of Twitter’s monthly users had signed up by the end of March.
According to the index, the most recent markdown subtracts nearly $850 million off Musk’s $187 billion fortune. Despite Twitter’s problems, Musk’s wealth has increased by more than $48 billion this year, mostly as a result of a 63% increase in the share price of Tesla Inc.
