Elon Musk is bringing the most radical changes to Twitter. While the social media platform is a much different place than it used to be, the same also goes for the Twitter offices. Twitter is now worth half of what it was when Elon Musk acquired it.
According to a recent disclosure originally reported by Axios, Fidelity reduced the carrying value of its Twitter stock by 56% in November. Fidelity Blue Chip Growth Fund valued its holding in October at $19.66 million but now sees it at $8.63 million.
Elon Musk’s tenure as CEO of Twitter has resulted in enormous layoffs and chaos in day-to-day operations. Fidelity was part of a consortium of corporations that assisted Musk in acquiring Twitter, contributing $316 million to the takeover offer.
Once the bid was finalized, Musk quickly took Twitter private and stated that his ambition for the company is to make greater efforts to support free speech on the network. Musk has been under fire in recent weeks for canceling the accounts of journalists who wrote negative stories about his usage of private jets.
Elon Musk finally decided to go ahead with his deal to purchase Twitter after initially backing out of it. Musk wanted to run the company his way but everything backfired. We’ll have to wait to see what’s next in store for Elon Musk. Keep an eye on Thirsty for more.
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