Twitter news: Value drops by 80% since Musk buy [Video]

NEW YORK CITY –

The social media platform formerly known as Twitter is worth almost 80 per cent less than two years ago when Elon Musk bought it, according to estimates from investment giant Fidelity.

X no longer trades publicly after Musk shelled out US$44 billion to take it private in October 2022.

However, Fidelity discloses what it believes is the value of its shares of X, and those estimates serve as a closely watched barometer for the overall health of the company.

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As of the end of August, those shares were worth just US$4.2 million, according to a Sunday filing by Fidelity’s Blue Chip Growth Fund.

That new estimate marks a 24 per cent drop in value from what Fidelity estimated as of the end of July. And it represents a staggering decline of 79 per cent from the US$19.66 …