Twitter is currently only worth 33% of Elon Musk's purchase price: Fidelity

Twitter is now worth just 33% of what Elon Musk spent to buy the social media platform, as per Fidelity, which has once again marked down the value of its stake in Twitter.

In November last year, Fidelity lowered the value of its Twitter holding to 44% of the original acquisition price. Further mark downs came in December and February.

Musk has admitted that the $44 billion price tag he paid for Twitter, which included $33.5 billion in equity, was excessive. He recently said that Twitter is now only worth about 50% of what he spent on it.

As per a Bloomberg report, it’s unclear how Fidelity arrived at its new, lower valuation or whether it receives any non-public information from the company.

The report also says that Musk’s investment in Twitter is now worth $8.8 billion, according to the Bloomberg Billionaires Index, which uses Fidelity’s valuation to calculate the value of his holding. Musk spent more than $25 billion to acquire an estimated 79% stake in the company last year.

Since Musk took over, Twitter has faced financial difficulties. Selling Twitter Blue subscriptions has also been an unsuccessful attempt to recover that money. Less than 1% of Twitter's monthly users had signed up by the end of March.