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Social network Twitter, acquired by billionaire Elon Musk at the end of last year, has lost two-thirds of its value since its acquisition. According to the Ukrinform correspondent,
According to the Ukrinform correspondent, Bloomberg writes this, citing data from investment firm Fidelity.
“Twitter is currently only worth a third of what Elon Musk paid for this social platform,” the article says.
It was noted that Fidelity’s method of calculating the true value of Twitter has not been made public. “Fidelity first reduced the value of its Twitter stock to 44% of the purchase price in November. More downgrades took place in December and February,” he said.
The agency states that Musk himself admitted to overpaying for Twitter before.
According to Bloomberg estimates, Musk’s stake in Twitter is currently estimated at $8.8 billion, although he bought it for more than $25 billion.
“This valuation lowers Musk’s total net worth by $850 million from an estimated $187 billion. Despite the problems with Twitter, Musk has become about $48 billion richer this year, mainly thanks to the 63% rise in the price of Tesla stock.”
As reported, Twitter accused Microsoft of using data without permission.
Source: Ukrinform
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