According to a recent study, Fidelity has recently marked down the value of its equity stake in the company and said that Twitter is now just one-third of what Elon Musk paid for the social media platform.As of April 28, the value of Fidelity Blue Chip Growth Funds stake in Twitter, which is currently managed by Musks X Holdings Corp, was close to USD 6.55 million, down from USD 7.8 million on January 31 and close to USD 8.63 million at November-end.Musk has admitted that the USD 44 billion price tag he paid for Twitter, which included USD 33.5 billion in equity, was excessive. He recently said that Twitter is now only worth about 50 percent of what he spent on it. Although, it is still not known that how Fidelity arrived at its revised, lower estimate or whether the corporation provides it with some confidential information.In November, Fidelity initially lowered the value of its Twitter holding to 44 percent of the original acquisition price. Additional price reductions came after that in December and February.Everybody knows that Twitter is struggling since Elon Musk took over. An attempt to recoup the revenue by selling Twitter Blue subscriptions also seems to be failed. At the end of March, less than 1 percent of Twitters monthly users had signed up.As the firm battles to reverse a decline in advertising revenue and navigate a reorganisation that entailed significant layoffs, Musk named former NBC Universal advertising director Linda Yaccarino as Twitters new CEO earlier this month.However, Twitter did not respond to the figures now.According to the data shared, the investment in Twitter is now worth USD 8.8 billion. Notably, Musk has spent over USD 25 billion to acquire an estimated 79 percent of the stake in the company.According to the index, the most recent markdown subtracts nearly USD 850 million off Musks USD 187 billion fortune. Despite Twitters problems, Musks wealth has increased by more than USD 48 billion this year, mostly as a result of a 63 percent increase in the share price of Tesla Inc.
