The company has been in financial trouble since Musk bought it for $44 billion. Now this amount is three times less.
Twitter is currently worth about a third of the $44 billion it was bought for by US entrepreneur Elon Musk. This was reported by Bloomberg on Tuesday, May 30.
It is noted that it follows from the data of an external investor Twitter – the company Fidelity, which recently reduced the value of its stake.
It’s unclear how Fidelity arrived at its new valuation and whether it receives any non-public information from Twitter.
Bloomberg said Twitter has struggled financially since Musk took office. So, in March, he said that content moderation problems led to the loss of 50% of advertising revenue. And attempts to recoup that revenue by selling Twitter Blue subscriptions have still been unsuccessful.
Bloomberg said that at the end of March, less than 1% of monthly Twitter users had registered this subscription.
It was previously reported that Twitter could be banned in the EU if it does not comply with new rules to combat disinformation, which will come into effect on August 25.
Musk announced Twitter’s new CEO
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.