Last October, Elon Musk reached an agreement to buy Twitter for an astronomical $44 billion. At that time, this price was considered too high by many. Musk acknowledged that he and his co-investors might have it. overpaid social media platform, and it was confirmed today.
Financial services giant Fidelity estimated the microblogging site’s worth in a monthly publication. About 33% of what Musk originally paid to buy itThis corresponds to a value of approximately 15 billion dollars. Fidelity arrived at this valuation based on the reduction of its own stake in the company.
Also Read – Twitter now refuses to work with Europe against misinformation
Elon Musk caused Twitter to lose 65% of its value
On Twitter, X Holdings Corp. As an asset manager who owns shares. had already lowered its valuation by more than 55% at the end of last yearAbout a month after Musk bought the platform.
The billionaire’s acquisition of the site required the support of a number of investors. Contributed approximately $13 billion of $44 billion Paid for the platform by Musk. Interest payments on that debt are around $300 million, which Bloomberg says has already been paid twice to a group of seven banks that helped Musk but reportedly failed to pay off the debt.
Under Musk’s leadership, Twitter laid off most of its staff, lost most of its advertisers, and began the end of traditional user verification, which led to the grueling rollout of a paid subscription service and, in some cases, impersonation of high-profile brands. accounts. Now that the social network has welcomed a new CEO, we hope Twitter will manage to climb the hill.
