A Fidelity Fund report has estimated that Twitter’s worth value might be going down, slashing it to a third of its value before Elon Musk took over.
Amid ongoing chaos at Twitter, Fidelity’s Blue Chip Growth Fund in their monthly disclosure reported that its stake in Twitter was worth $6.55 million at the end of April.
Elon Musk purchased the company for $44 billion, but the revision implies Twitter may now be worth only $15 billion overall.
Fidelity is yet to disclose an explanation of how they arrived at their valuation report, or their reason for the markdown.
Also Read: Elon Musk Says Twitter’s Value Stands at $20B
Since Elon took over Twitter, the social media company has laid off a bigger percent of its workforce, lost advertisers, and an almost failed blue verification subscription that has led to a breakout of fake accounts for major companies.
Fidelity has repeatedly marked down Twitter’s value. Its stake was worth $8.63 million in November and then $7.8 million in January.
The Fidelity report is dated April 28.