X, the platform formerly known as Twitter, is worth 71% less now than it was when Elon Musk bought it in late 2022, according to Fidelity.
The investment group made the valuation on Monday, the second time it dropped the value of X in 2023, Axios reports. Musk had purchased the social media giant for $44 billion.
Fidelity was part of the investment group that helped Musk take over Twitter in a deal consisting of $33.5 billion in equity, with the remainder financed with debt to convert it into a privately held company after the deal closed in October 2022.
Twitter and Fidelity did not immediately respond to requests for comment from FOX Business.
ELON MUSK TO MEET WITH ISRAEL’S PRESIDENT AMID ANTISEMITISM CONTROVERSY
Musk had been deeply critical of Twitter prior to his acquisition and renaming of the company, arguing that it posed a threat to democracy and civilization itself. He argued the platform had been propagating a left-wing “mind virus” due to the basic bias of the…
Read the rest: Source link
Check out our business apps and business podcasts sections, you will be inspired with the type of content we have there.