Twitter's value in freefall: Fidelity cuts estimate by whopping 79%

Twitter's worth has nosedived under Musk's ownership, according to TechCrunch. Fidelity cut its valuation of the company by 79%, putting Twitter's value at a fraction of the $44 billion acquisition price.

From TechCrunch:

For context, Fidelity had initially invested $19.66 million in X through the Blue Chip Fund, as per regulatory filings. This isn't the first time Fidelity has cut the value of its holding in X. As of July's end, Fidelity had valued its shares in X at about $5.5 million.

This 78.7% markdown implies that Fidelity is currently valuing X at about $9.4 billion overall. Fidelity and X didn't immediately respond to requests for comment outside of business hours.

Who would have thought that platforming actual Nazis would be bad for business?

Previously:
• Twitter loses World Bank ads over pro-Nazi content placement
• Elon Musk has turned Twitter into X: the Internet's Nazi bar
• Hyundai suspends advertising on Twitter after Nazi material runs with ads
• Xitter XEO demands advertisers unf*ck themselves and belly up to her Nazi bar