Twitter may be worth one-third what Musk paid for it last fall as Fidelity marks down investment

Twitter may now be worth one-third of what Elon Musk paid for the social media platform just seven months agoFILE – Twitter logos hang outside the company’s offices in San Francisco, Monday, Dec. 19, 2022. Twitter may now be worth one-third of what Elon Musk paid for the social media platform just seven months ago. Financial services company Fidelity has reduced the market value of its equity stake in Twitter for a third time, now putting it at $6.55 billion. (AP Photo/Jeff Chiu, File)The Associated PressTwitter may now be worth one-third of what Elon Musk paid for the social media platform just seven months ago.Financial services company Fidelity has reduced the market value of its equity stake in Twitter for a third time, now putting it at $6.55 billion. That’s down from the nearly $20 billion Fidelity valued its stake at in October. It is unclear how Fidelity came up with its valuation figures, but as a public company it’s required to provide investors with updates on its holdings. Because Twitter is a private company now called X Holdings Corp., information about its finances can’t be verified.Musk took control of Twitter in October, after a protracted legal battle and months
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