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Twitter's worth down to just $15 bn under Musk: Report
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IANS | 31 May, 2023
Twitter is now worth only about $15 billion, a massive 33 per cent lower
than $44 billion Elon Musk and his co-investors paid to acquire the
platform, the media reported on Wednesday.
Twitter has struggled financially since Musk took over.
The
financial services giant Fidelity estimated in its monthly report of
portfolio valuations that Twitter is now worth just one-third worth of
what Musk paid for the micro-blogging platform, reports Bloomberg.
Musk's
investment in Twitter is now worth $8.8 billion. The outgoing Twitter
CEO spent over $25 billion to acquire an estimated 79 per cent stake in
the company in October last year.
He earlier acknowledged that he overpaid to acquire Twitter, including $33.5 billion in equity.
"Although
obviously myself and the other investors are obviously overpaying for
Twitter right now, the long-term potential for Twitter in my view is an
order of magnitude greater than its current value," Musk had said during
Tesla's earnings call in October last year.
"I'm excited about
the Twitter situation, because obviously I know their product incredibly
well," he said. "And I think it's an asset that has sort of languished
for a long time but has incredible potential."
Fidelity first
reduced the value of its Twitter stake in November, to 44 per cent of
the purchase price. That was followed by further markdowns, the report
mentioned.
Fidelity's Twitter stake, which now comes under Musk's X Holdings, was valued at almost $6.55 million (as of late April).
Going
through a churning with just about 1,500 employees left from an earlier
7,500-strong workforce, Twitter is finding it difficult to make strong
profits.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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