X - Fidelity Ups Twitter's Or X's Valuation Yet Again: Here's What Musk Plans For The Future | Benzinga
Twitter, the social media platform now known as X, is valued less than Elon Musk’s original purchase price of $44 billion.
However, one of the key backers of the deal continues to raise X's value.
What Happened: Musk funded a portion of the Twtitter acquisition by selling a portion of his shares in Tesla, Inc (NASDAQ: TSLA). Some experts said the overhang hurt shares of the electric vehicle company.
Musk also scored financial backing from Fidelity Investments, which kept its stake since the transaction closed in November 2022.
Fidelity currently holds a position in the Fidelity Blue Chip Growth Fund mutual fund, which is traded as FBGRX.
After marking Twitter/X at a discount once the deal was done, Fidelity has been increasing the valuation of the social media platform. Axios reports that Fidelity raised the valuation of its stake by 8% in July.
This marked the ...