Asset manager Fidelity reports that stake worth $20m in October 2022 is now worth just under $6.6m
Twitter’s value has plummeted by almost two-thirds since
The fund disclosed its holdings in its quarterly reporting on the performance of its blue chip growth fund, which invests in a range of companies in the US and around the world, focusing on household names with stable valuations. It also owns a $386m stake in Musk’s privately held rocket company, SpaceX, and another $849m in Tesla, which is publicly traded.
That valuation came with an incentive for Musk to lowball the estimate, however, because the higher it was, the more expensive employee remuneration would be. Fidelity, by contrast, has no such motivation for slashing the valuation further still.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AOC threatens to quit Twitter after Musk promotes parody accountRep. Alexandria Ocasio-Cortez, D-N.Y., is furious at Twitter after a parody account of the congresswoman began to go viral, claiming CEO Elon Musk is behind its recent traffic.
Read more »
‘You can’t hide’: Elon Musk’s latest move could see Twitter banned in EuropeLate last week Elon Musk withdrew Twitter from a European Union voluntary code of practice against disinformation. Twitter could soon face massive fines or a ban in Europe that would threaten its already shaky business.
Read more »
Twitter janitors in New York file lawsuit over firings and demand backpaySuit alleges social media company violated city law when janitors were abruptly fired in December after Elon Musk took over
Read more »
Labor preparing to introduce AI regulationThe Albanese government is preparing wide-ranging legislation to combat concerns from tech companies that artificial intelligence could lead to human extinction and damaging disinformation. Industry Minister Ed Husic has prepared two reports on laws and regulations to govern the threat of AI systems. Tech entrepreneur Elon Musk has previously called for a pause on the development of AI technology.
Read more »
House prices expected to rise in MayMay property price index is set to be released by PropTrack on Thursday, with house prices expected to have risen for a fifth month. Sky News Business Reporter Edward Boyd says despite all the economic uncertainty, house prices have lifted for the last four months in a row. “We’re going to get the May numbers early tomorrow morning, and the expectation is property prices will be up for five months in a row,” Mr Boyd said. “A lot of people get concerned when property prices are falling cause their asset values are going down, and that adds to falling consumer confidence as well.”
Read more »
Pumpkin prices squashed, ‘kale balls’ roll up: Australia’s best-value fruit and veg for JuneWith the cold weather comes plenty of potatoes, lots of leeks and some highly sought-after brassicas
Read more »