Twitter only worth 33% of what Musk-led investors paid, Fidelity says
Driving the news: In Fidelity's latest Twitter markdown, the financial services giant estimated in a monthly report of portfolio valuations that the company is now worth about $15 billion, or 33% of the October purchase price, per a Bloomberg assessment Tuesday.
- Fidelity's Twitter stake, which now comes under Musk's X Holdings, was valued at almost $6.55 million as of late April.
Thought bubble, via Axios' Dan Primack: Although Fidelity again marked down Twitter shares, it's on a one-month lag. The interesting question is what Fidelity does for the month of May, when Musk announced that Linda Yaccarino would be the platform's new CEO. We won't get those marks until the end of June.