Shulou(Shulou.com)11/24 Report--

Beijing, May 31 (Xinhua) Twitter is now worth only 33% of what it was when Elon Musk bought the social media platform, according to Fidelity Investments. Fidelity recently downgraded the value of its Twitter stake.

It is not clear how Fidelity arrived at the lower new valuation, or whether it received any non-public information from the company. Last November, Fidelity first reduced the value of its Twitter stake to 44% of the original purchase price, followed by further reductions in December and February this year. As of April 28, Fidelity Blue-chip growth Fund held a stake worth nearly $6.55 million in Twitter, down from $7.8 million as of January 31 and nearly $8.63 million at the end of November last year.

Musk also admitted that he paid too much for Twitter. He bought Twitter for $44 billion, including a $33.5 billion stake. Recently, he said Twitter was worth less than half of what it was when he bought it.

Musk's investment in Twitter is currently worth $8.8 billion, according to the Bloomberg Billionaires Index, which uses Fidelity's valuation to calculate the value of Musk's Twitter stake. Last year, Musk bought about 79% of Twitter for more than $25 billion. According to the index, Twitter's recent valuation downgrade has reduced Musk's wealth of $187 billion by about $850 million. Despite being dragged down by Twitter problems, Musk's wealth has increased by more than $48 billion this year, mainly due to a 63% rise in Tesla's share price.

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