Elon Musk got a big shock, now the price of Twitter has come down to just this much

micro bowling site Twitter owner Elon Musk has suffered a major setback. In fact, Twitter is now valued at just $15 billion, which is 66 per cent less than the $44 billion Elon Musk and his co-investors paid to acquire the platform. Twitter has been struggling financially since Musk took over. Financial services giant Fidelity, in its monthly report on portfolio valuations, estimated that the micro-blogging platform is now worth just one-third of what Musk paid for it, reports Bloomberg.

spent over $25 billion

Musk’s investment in Twitter is now worth $8.8 billion. The outgoing Twitter CEO spent more than $25 billion to acquire an estimated 79 percent stake in the company in October last year. He previously admitted that he overpaid to acquire Twitter, including $33.5 billion in equity. “Obviously I and other investors are overpaying for Twitter right now, I think the long-term potential for Twitter is more than it’s current value,” Musk said during Tesla’s earnings call last October.

Excited about the state of Twitter,

“I’m excited about Twitter’s position, obviously I know their product incredibly well,” he said. And I think it’s an asset that’s been undervalued for a long time but has incredible potential. Fidelity downgraded its Twitter stock to 44 percent of the purchase price in November. Fidelity’s Twitter stake, now owned by Musk’s X Holdings, was valued at around $6.55 million (as of the end of April).