Jul 31, 2023 - Economy

Fidelity marks up its Twitter/X shares for second straight month

Dan Primack

Elon Musk last month in Paris. Photo by Nathan Laine/Bloomberg via Getty Images.

Fidelity Investments increased the carrying value of its Twitter/X shares by nearly 11% during the month of June, according to new disclosures.

Why it matters: This is the second straight month of X markups by Fidelity, after it marked down the shares or kept them flat during the first six months of Elon Musk's ownership.

Former NBCUniversal executive Linda Yaccarino began work as Twitter CEO on June 6, although she was named to the post in May.
Fidelity's June 30 mark comes before Musk decided to rebrand the bird or before Meta launched its rival Threads app.

By the numbers: Fidelity, which helped finance Musk's $44 billion Twitter takeover, still valued its shares at a 61.28% discount as of June 30.

The bottom line: Fidelity does not disclose how it values shares of privately held companies, although it likely relies heavily on publicly traded comps.

Many social media stocks had a strong run in June, including a 7.9% boost for Meta and a 17.7% increase for Snap.

Add Axios on Google

Fidelity marks up its Twitter/X shares for second straight month

What to read next