Now it’s only worth a third of the price you bought it for.

2023-06-01 22:56:27

Elon Musk is the richest man in the world and since October 2022 he bought the social network Twitter for 44,000 million dollars; however, according to data from the investment fund Fidelity, the company currently has a commercial value of 15,000 million dollars, which represents an evident devaluation.

The tycoon has brought innovations to the social network, one of the most controversial changes he made to the platform was to establish a payment to verify accountsHe called this initiative Twitter Blue, which has not had the expected success.

At the end of Marchless than 1% of the platform’s monthly users had signed up for Twitter Blueaccording to Vanguardia.

Also, due to the different changes that the platform has had, several advertisers have decided to stop working with Twitter. Also in March, Elon Musk left a message to employees in which he He estimated Twitter’s value had fallen to about $20 billion, less than half the $44 billion he paid in October.

What Fidelity now maintains is that according to its calculation regarding its participation in Twitter is that it had, at the end of Aprila value of just over 6,500 million dollars, compared to the 19,700 million that was attributed to it last Octoberwhen Musk acquired the company.

Thus, the estimate given by the fund, which appears in a document detailing its investments, would give Twitter a valuation of about $15 billion today.

That is why, it is presumed that the businessman is in a constant search to save in his company; made staff cuts, lengthened work hours, announced that it would allow political ads again and he even organized an auction to sell all that furniture he considered expendable.

One of the most recent changes made by the tycoon was the appointment of Linda Yaccarino as the new CEO; Musk was the one who had assumed that position after the purchase, however, has chosen an executive with extensive experience in the advertising field to lead business operations, while he will focus on product design and new social network technologies.