Mutual fund Fidelity, which owns stake in social media platform, marks down value of its shares in disclosure obtained by Axios

The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.

Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.

Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn.

The number of monthly users of X dropped by 15% in the first year since Musk’s takeover amid concerns over a rise in hate speech on the platform.

  • mosiacmango@lemm.ee
    2·
    1 year ago

    Yup. He had a 7% stake in twitter at the time amd broke the law by not reporting the size of the stake. He only made the offer after the news broke and the stock price shot the hell up. Higher offer, the higher share price jumps.

    After Twitter said “you got a deal” he likely thought he could still offload that 7% then back out, but the contract was hilariously in favor of Twitter and he still signed it.