Elon Musk’s investment in Twitter is almost entirely gone

Twitter has lost $29 billion in valuation since it was acquired late last year by technology mogul Elon Musk, the investment firm Fidelity said in a new report this week. Tech mogul Elon Musk’s $25 billion investment in Twitter is almost entirely gone as the social media website has struggled to gain financial footing in the months since he acquired it in a private sale, according to a new report. This week, investment firm Fidelity said Twitter is valued at around $15 billion, about one-third of the $44 billion Musk and his co-investors paid to acquire the social media platform in late October. Of that $44 billion, Musk himself put up $25 billion in debt financing to acquire the platform. Financial news outlet Bloomberg said that investment is now worth around $8.8 billion. Musk owns 79 percent of Twitter and is the platform’s chief executive officer, a role he intends to abdicate soon after hiring NBC advertising chief Linda Yaccarino to serve as the company’s new CEO. Image: KnowTechie Since acquiring Twitter, Musk has made several business decisions that have drawn criticism and scrutiny from every corner of the financial and legislative world. Immediately after closing the deal, Musk dissolved Twitter’s board of directors and fired several top executives, some of whom are now suing the company over unpaid legal bills. Musk also laid off hundreds of engineers who served in critical support roles that kept the platform running. Since the layoffs, Twitter has been prone to glitches and outages…Elon Musk’s investment in Twitter is almost entirely gone

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