Twitter is now worth one-third what Elon Musk paid

Ever since Elon Musk acquired Twitter for $44 billion last year, it’s been a widely agreed upon stance that he greatly overpaid for the social media platform.However, the amount in which he overpaid seems to be widening post-acquisition.According to Fidelity, Twitter is now worth around 33 percent what the billionaire originally paid for it. That puts Twitter’s value at roughly $15 billion. The number comes from the investment firm’s own valuation of its own stake in Musk’s Twitter, which Fidelity helped finance.Twitter’s valuation from Fidelity follows a pattern since Musk took over in October of last year. Fidelity has consistently downgraded its own holdings in the company, knocking the value of its stake by 56 percent just a month after the acquisition closed. By the end of February, Fidelity further downgraded its stake by more than 63 percent before knocking it down by a full two-thirds this month.Despite Musk’s recent claims about Twitter soon breaking even or even becoming profitable, the company’s outlook has not been particularly good. Twitter lost around half of its biggest advertisers when Musk took over. Many still had not returned by earlier this year and those who had continued to advertise on the platform were spending a significant amount less.Musk turned to subscription-based revenue models like Twitter Blue and Subscriptions to make up for those losses, but even those have proven to be unsuccessful. Twitter Blue is an $8 per month subscription service that gives premium features, such as longer tweets and videos as well as…Twitter is now worth one-third what Elon Musk paid