Twitter's value has fallen by almost $30bn since Elon Musk took it over

Twitter continues to fall in value. Elon Musk's company has lost about 66% of the amount the US billionaire paid for it.

Here's What We Know

This is reported by Bloomberg news agency, citing the asset management company Fidelity. Musk paid $44 billion for Twitter late last year. A few months later, the American billionaire said the company had fallen in price to $20 billion.

According to Fidelity, Twitter is now worth only 33% of the amount Musk paid, i.e. less than $15bn. But it's worth noting that it's unclear how Fidelity conducts valuations and whether it receives non-public information from Twitter.

To add, Musk took out a $13bn loan for the purchase, with $19bn of the $44bn covered by outside investors. The US billionaire spent $25bn to buy a 79% stake in the company. His assets are now valued at less than $9bn.

The latest dip in the stock market has reduced Elon Musk's fortune by $850 million. It is now valued at $187 billion. Since the beginning of the year, the fortune of the head of Tesla and SpaceX has grown by $48 billion. The main source is Tesla shares, which have risen by 63%.

Source: Bloomberg