How much is Twitter worth? A lot less than Elon Musk paid for it, Fidelity says

How much is Twitter worth?

One-third of what Elon Musk paid for the social media platform.

That’s according to asset manager Fidelity, which recently marked down the value of its stake in Twitter.

The billionaire Twitter owner who bought the struggling company in October for $44 billion has admitted he overpaid. He recently said Twitter is worth less than half of what he forked over.

Fidelity Blue Chip Growth Fund’s stake in Twitter was valued at $6.6 million as of April 28, down from $19.7 million at the end of October, according to a report issued Sunday.

This marked the third time Fidelity cut the value of its Twitter stake, Bloomberg reported.

Earlier this month, Musk said he would step down as CEO, naming former NBCUniversal executive Linda Yaccarino. The Fidelity report is dated April 28 so it preceded the Yaccarino announcement.

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Musk paid $25 billion to acquire a 79% stake in Twitter last year. That investment is now worth $8.8 billion, according to the Bloomberg Billionaires Index.

Fidelity did not respond to a request for comment. Twitter replied with a poop emoji.

Under Musk, Twitter has struggled to keep users engaged and advertisers from fleeing.

Last week, Twitter hosted Florida Gov. Ron DeSantis’s presidential campaign announcement on Twitter Spaces but the event was besieged by technical problems.

Musk has said he would continue to play a significant role at Twitter as executive chairman and chief technology officer.

This article originally appeared on USA TODAY: Twitter worth one-third less than Elon Musk paid for it, Fidelity says