Twitter 'now worth half what Musk paid for it'

Twitter is worth less than half of what Elon Musk paid for it six months ago having lost more than $20bn (£16.4bn) in value, according to calculations based on a leaked memo from the billionaire.

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Musk suggested in a memo to the social media company's staff that it is now valued at less than $20bn. This compares with the $44bn he paid for it in October 2022.

The company's steep devaluation follows Musk's turbulent takeover. Several large advertisers have left the platform and a major source of funds for Musk's purchase of the company, the investment firm Fidelity, has written down the value of its stake by 56%.