Elon Musk's Twitter is now worth a third of its $44 billion price tag, Fidelity says
CBSN
Twitter is now worth only $15 billion, nearly a third of the $44 billion that Elon Musk paid for the platform in 2022, according to Fidelity.
The asset manager, which owns an equity stake in Twitter under X Holdings Corp., had previously slashed its valuation by more than 55% at the end of last year, about one month after Musk acquired the platform.
Musk's purchase was soon followed by the bungled rollout of a subscription service and the banning of journalists, which scared off advertisers and resulted in more than half of them halting spending on the social media company.
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