WASHINGTON, December 31 An investor in American billionaire Elon Musk’s purchase of the social network Twitter believes that the company has fallen in price by 71% after the transaction, reports the Axios portal.
“Fidelity believes that social network X (formerly Twitter) is worth 71.5% less than at the time of purchase, according to disclosures at the end of November,” the report said.
As the report says, the Fidelity fund, although it helped Musk buy Twitter, may not have accurate financial information, despite the presence of shares in the company, other shareholders may assess the value of the social network differently.
The portal adds that the social network could have lost more than 10% in value when Musk swore at an online event in November at advertisers who refused to cooperate with X amid the billionaire’s scandalous statements about Jews.
Musk finally closed the $44 billion deal to acquire Twitter last fall. He promised to liberalize the editorial policy of the social network, which has been widely criticized for strict censorship, and to create a content moderation board, and until the board is operational, not to make global decisions on editorial policy and the restoration of blocked accounts. The deal was followed by a series of staff reductions in the company.