Fidelity disclosed that it marked down the value of its Twitter shares by 7.9% during the month of February.
Fidelity today disclosed that it marked down the value of its Twitter shares by 7.9% during the month of February, or a total of 63.46% since Elon Musk's $44 billion acquisitionOne of the largest tech buyouts of all time continues to depreciate, according to a firm that helped to finance it.Fidelity slashed the carrying value of its Twitter shares by 56% at the end of November 2022, and then by another 9.6% one month later.
Musk's takeover included $33.5 billion in equity plus $13 billion in debt, with the extra to cover closing and associated costs. Applying the Fidelity markdown to the applicable equity, and keeping the debt/liability value stable, Twitter's enterprise value would have been around $24.3 billion at the end of February.Twitter employees that the company is now worth $20 billion.Fidelity isn't necessarily privy to nonpublic information in making its determinations. Instead, it may be incorporating public market comps like Snap, which lost 66.1% of its market cap since April 25, 2022 .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk, After Buying Twitter, Is Now Twitter’s Most-Followed UserIf nothing else, $44 billion has bought Twitter power-user Elon Musk status as the No. 1 most-followed account on the social network. As of Thursday morning, Musk had 133.088 million users — …
Read more »
Elon Musk becomes Twitter’s most followed userTwitter CEO Elon Musk is now the most followed user on the social network.
Read more »
Elon Musk's Twitter Blue mocked by Merriam-WebsterInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Star Trek: William Shatner Goes 'Kirk' on Elon Musk's Twitter DefenseStarTrek icon WilliamShatner tweeted a rebuttal to ElonMusk's plan to recoup some of his billions by making folks pay for blue checkmarks. / Opinion STTOS TOS Kirk JamesTKirk
Read more »
Elon Musk passes Barack Obama to become most followed account on TwitterTwitter CEO Elon Musk is now the most popular account on the social media platform after he passed former President Barack Obama, who held the title for years.
Read more »