An investment company says their shares in Twitter have now reached 33% of their previous figure.
Last fall, Elon Musk completed the purchase of Twitter for $44 billion, and many believed that the social network was worth much less. Now, an investment firm says that their shares in Twitter are worth a third of what they were last fall.
According to Bloomberg, according to Fidelity Blue Chip Growth Fund, the fund’s stake in Twitter was about $8.6 million at the end of November 2022, but it reached $7.8 million at the end of January 2023 and is now estimated at about $6.55 million. This means that the value of this company’s shares has now reached about 33% of the figure that Elon Musk agreed to pay.
Bloomberg says it’s not clear how Fidelity did its calculations to arrive at the lower figure. We also do not know whether this investment fund has access to confidential information about this company or not.
Twitter’s situation is still financially unfavorable
This information, in whatever form it was obtained, suggests that things have not been good at Twitter. This social network under the management of Elon Musk started various projects to increase revenue generation. For example, the new version of the Blue Twitter service was one of these actions that faced many criticisms in the field of selling blue ticks.
Additionally, Twitter laid off nearly 80 percent of its employees to cut costs. However, apparently these decisions have not helped the company’s situation much and the situation has worsened in less than a year.
Elon Musk recently selected NBCUniversal’s chief advertising officer, Linda Yacarino, as his successor as CEO of Twitter. Now it has to be seen if this new manager with his long experience in the media world can get this social network out of the current situation or not.
