San Francisco: Top global investment firm Fidelity has slashed the value of its stake in Twitter by 56 per cent during the first month of Elon Musk’s ownership, as the micro-blogging platform navigates through a myriad of issues.
Fidelity’s Contrafund valued its Twitter shares at $53.47 million on October 31, just days after Musk’s $44 billion acquisition deal was closed, reports Axios.
It then revalued the shares at around $23.46 million as of November 30, representing a 56 per cent decline.
Fidelity was among the investors that helped Musk finance his $44 billion acquisition of the micro-blogging platform by purchasing equity.
According to the report, the investment firm holds Twitter shares in several of its mutual funds, under the name “X Holdings I Inc”.
Twitter is currently going through. Massive curing amid layoffs and advertisers leaving the platform.
Media Matters for America estimated last month that half of Twitter’s top 100 advertisers, which spent almost $750 million on Twitter ads this year combined, appear to no longer be advertising on the website.
Musk Friday said that the new Twitter under him will aim to optimise every minute that a user spends on the micro-blogging platform, and not regret it.
Musk has brought back the company from going bankrupt, and is now striving to get profitable.
Musk has also rolled out Blue tick subscription, which costs $8 per month to purchase on the web or $11 per month via the iOS App Store.