“Musk-led Twitter in financial trouble: Fidelity reduces share cost”

This information was announced by Fidelity, which is an external investor in Twitter – recently it once again reduced the cost of its share.

It’s unclear how Fidelity arrived at its new valuation and whether it is receiving any non-public information from Twitter.

Bloomberg notes that Twitter has been in financial trouble since Musk came to power. Yes, in March he claimed that content moderation problems led to a loss of 50% of advertising revenue. And attempts to recoup that revenue by selling Twitter Blue subscriptions have so far been unsuccessful.

“At the end of March, less than 1% of monthly Twitter users registered this subscription,” the newspaper writes.

Musk-led Twitter

In October 2022, Musk bought the company and Twitter for $44 billion. After that, large-scale staff cuts began, which, among other things, led to numerous failures in the work of the social network.

In addition, Musk changed the rules, which dealt with, among other things, the moderation and distribution of Russian propaganda and disinformation. And on May 27, Twitter withdrew from the voluntary code of practice against disinformation in the European Union.

In an attempt to raise the income of the social network, Musk launched a content monetization program. It will allow users to charge for access to their content, from long text to hours of video.

Read urgent and important messages about Russia’s war against Ukraine on the channel RBC-Ukraine on Telegram.