ELON MUSK’S TWITTER Acquisition: A $44 BILLION BUST!
In a shocking turn of events, Fidelity’s latest estimate reveals that X, the social network formerly known as Twitter, is now valued at a mere fraction of its original purchase price—a paltry $4.18 million, down a staggering 78.7% from its initial $19.66 million investment. Yes, you read that right—Elon Musk’s baby is now worth less than a quarter of what he paid for it!
This isn’t the first time Fidelity has slashed the value of its holding in X. As of July, they were already down to $5.5 million, and now it’s clear that the writing is on the wall. Fidelity’s Blue Chip Growth Fund, which helped bankroll Musk’s Twitter takeover, is now stuck with a worthless asset that’s hemorrhaging value.
And what’s even more jaw-dropping is that this markdown implies that Fidelity is now valuing X at a whopping $9.4 billion overall. That’s right, folks—the entire company is now worth less than a tenth of what Musk paid for it!
But don’t just take our word for it—the numbers don’t lie. Fidelity’s own disclosures show that the company has been steadily marking down the value of its holding in X, and now it’s clear that they’re in damage control mode.
So, what does this mean for Elon Musk and his Twitter empire? Is this the beginning of the end for the self-proclaimed “Visionary CEO”? Only time will tell, but one thing is certain: Fidelity’s latest estimate is a stark reminder that even the most ambitious ventures can end in catastrophic failure.
