Fidelity, which initially helped with the $44 billion USD Elon Musk takeover deal recently revealed in its portfolio valuations the mark down of the investment. It appears that Twitterâ€™s valuation has seen an immense downgrade from the $44 billion USD, pegging its worth at roughly around $15 billion USD.
Back in March, Musk also said itself that the social media platform is worth about $20 billion USD, a level he has used as a basis for employee stock compensation program. Since the acquisition, seven thousand employees have been laid off. The company has been focusing on gaining revenue from subscriptions via a paid verification program, however reports have indicated that it has not gained as much traction as expected. Musk recently announced the companyâ€™s new CEO. Linda Yaccarino comes from NBCUniversal and has an extensive ad revenue background. Due to the decline in value of Twitter, Muskâ€™s personal fortune has been negatively affected, however despite stepping down as CEO, Musk is still heavily involved with Twitter.
In other tech news, Apple iPhone 15 dummy models give hands-on look at upcoming releases.