Elon Musk took over Twitter for $44 billion in October last year. After becoming the new owner, various drastic changes were made such as removing 75% of the workforce and overhauling the legacy blue paint. This all has an impact on the value of the company which Musk himself said is now only around $20 billion post purchase.
Now investment firm Fidelity says the company is now worth around $15 billion or equivalent to just 33% of the original value Musk paid. Twitter's value continues to fall due to the instability caused by the sudden changes made. Among the efforts to restore the company's image is the appointment of Linda Yaccarino as CEO to replace him earlier this month.
Musk wants to turn Twitter into a super app and not just a social media platform like WeChat. This is under his long-term X.com project which was already started before establishing PayPal.
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BUSINESS & MONEY