Elon Musk
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Twitter’s value down two-thirds since Musk takeover, says investor
Asset manager Fidelity reports that stake worth $20m in October 2022 is now worth just under $6.6mTwitter’s value has plummeted by almost two-thirds since Elon Musk acquired the company in October 2022, one of the social media company’s only remaining external investors has admitted.
Fidelity, an asset manager that held a stake in Twitter worth about $20m after Musk acquired the business for $44bn, said in a corporate filing that its stake was now worth just under $6.6m. That would value the overall company, now officially called X Holdings Corp after Musk’s early venture X.com, at just $14.75bn.
The fund disclosed its holdings in its quarterly reporting on the performance of its blue chip growth fund, which invests in a range of companies in the US and around the world, focusing on household names with stable valuations. It also owns a $386m stake in Musk’s privately held rocket company, SpaceX, and another $849m in Tesla, which is publicly traded.