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X gets valuation cut from Fidelity, says, ‘less than third of purchase price’

Livemint

Livemint · 1y ago

X gets valuation cut from Fidelity, says, ‘less than third of purchase price’

According to Axios, Elon Musk's acquisition of the social media platform X is now worth less than a third of what he paid for it. Fidelity, which assisted in the purchase, recently reduced the value of its holding in X by 11% as of the end of November. The company has faced challenges attracting advertisers and has experienced a decline in revenue. Musk's controversial statements and actions have also contributed to the platform's struggles, leading to major advertisers distancing themselves.

Related News

US-based Fidelity Investments fires 700 employees in first cut in 7 years

IndianStartupNews

IndianStartupNews · 1y ago

US-based Fidelity Investments fires 700 employees in first cut in 7 years

Fidelity Investments is set to cut approximately 700 positions, marking its first staff reduction since 2017. The move affects less than 1% of the company's workforce of around 74,000 and is aimed at better positioning the organization for the future. The announcement follows recent leadership changes, including the appointment of a new Chief Administrative Officer and Finance Chief. Despite the job cuts, Fidelity remains financially strong and is actively hiring for critical business roles. Meanwhile, Fidelity International, a separate entity, plans to reduce its global workforce by 1,000 jobs this year.

X is worth 71% less now after Elon Musk took over and burned its bridges with advertisers: Fidelity

Business Insider

Business Insider · 1y ago

X is worth 71% less now after Elon Musk took over and burned its bridges with advertisers: Fidelity

Elon Musk's acquisition of X (formerly Twitter) has led to a significant decline in its value, with Fidelity reporting a 71.5% decrease since the purchase. Fidelity has been revising down the value of its equity stake in X consistently since Musk took over, estimating it to be worth around $15 billion in May 2023. X faced financial challenges throughout the year, including a drop in advertising revenue and a boycott by major advertisers due to controversy surrounding Musk's endorsement of an antisemitic post.

BYJU'S, Swiggy, Meesho valuation cuts: How will it impact ESOPs?

Business Today

Business Today · 2y ago

BYJU'S, Swiggy, Meesho valuation cuts: How will it impact ESOPs?

The valuations of many major Indian startups have been slashed by VCs and investors in the past few weeks. Swiggy’s valuation was cut by Invesco, BYJU’S valuation was slashed by BlackRock, and Meesho’s valuation was reduced by Fidelity Investments. This cutback is also going to impact the value of the ESOPs employees at these startups are entitled to. Read the source article below to know more-

SoftBank, Prosus-backed Meesho gets a valuation markup

VCCircle

VCCircle · 1y ago

SoftBank, Prosus-backed Meesho gets a valuation markup

Fidelity had invested $42 million in Meesho as part of its Series F funding in which the company raised $570 million at a valuation of $4.9 billion. Other marquee investors that participated in the round included B Capital Group, Prosus Ventures, SoftBank Vision Fund 2, Facebook, Footpath Ventures, Trifecta Capital and Good Capital.

Musk gives 25% of xAI stake to those who funded Twitter buyout: FT

Inshorts · 7m ago

Musk gives 25% of xAI stake to those who funded Twitter buyout: FT

Elon Musk has given 25% of shares in his AI startup xAI to investors who helped fund his $44-billion Twitter (now X) takeover, Financial Times reported. This comes as xAI is reportedly set to raise $5 billion at an increased valuation of $50 billion. Fidelity, Sequoia and Jack Dorsey are among the investors set to benefit from the funding round.

'Start ATM-like service to deliver cash in 10 minutes,' says man; sparks debate

Inshorts · 6m ago

'Start ATM-like service to deliver cash in 10 minutes,' says man; sparks debate

Pune-based entrepreneur Harsh Punjabi's X post urging Blinkit to start an ATM-like service for home delivery of cash in 10 minutes sparked a debate. "Great idea...but 18% GST on delivery charges will ruin the mood," an X user said. "This service already exists—it's called talking to your neighbours or local shopkeepers and often takes less than 10 minutes," said another.

Another Valuation Cut: Fidelity Now Values Meesho At $3.5 Bn

Inc42 · 1y ago

Another Valuation Cut: Fidelity Now Values Meesho At $3.5 Bn

Asset management company Fidelity has once again decreased the valuation of Indian ecommerce startup Meesho, now valuing it at $3.5 billion. This marks a decline of 29% from Fidelity's previous valuation of $4.9 billion for Meesho. Fidelity had previously reduced Meesho's valuation to $4.1 billion in October. Meesho is now considering expanding into financial services and growing its grocery delivery business in the next financial year.

OpenAI's valuation hits $80 bn, tripling in under 10 months: NYT

Reuters

Reuters · 1y ago

OpenAI's valuation hits $80 bn, tripling in under 10 months: NYT

Microsoft-backed OpenAI has completed a deal that values the startup at $80 billion or more, The New York Times reported. It would reportedly sell existing shares in a tender offer led by the venture firm Thrive Capital. OpenAI's valuation has nearly tripled in less than 10 months, making it the third most valuable tech startup, the report added.

Leaked images reveal Microsoft’s white disc-less Xbox Series X console

The Verge

The Verge · 1y ago

Leaked images reveal Microsoft’s white disc-less Xbox Series X console

Microsoft is reportedly working on a white version of its Xbox Series X console, which will be a disc-less system. Leaked images show that the white Xbox Series X will have the same exterior design as the existing black console and will feature upgraded internal components such as a modified heatsink for improved cooling. Reports suggest that this white version could be released in June or July, possibly for a lower price than the current retail price of $499. This release, if it happens, may indicate that Microsoft has postponed or canceled the previously leaked cylindrical design refresh of the Xbox Series X.

ICICI Securities gets shareholder nod to delist, setting up merger with ICICI Bank

VCCircle

VCCircle · 1y ago

ICICI Securities gets shareholder nod to delist, setting up merger with ICICI Bank

ICICI Securities has received approval from shareholders to delist its stock, moving closer to merging with its parent company, ICICI Bank. The vote saw 71.9% of minority shareholders in favour of delisting. Public institutional investors holding 16.68% of the company backed the move, but only 32% of non-institutional shareholders approved. ICICI Bank, which currently holds a 75% stake in the brokerage, will pay around INR59bn ($707.9m) to acquire the remaining 25% in a share-swap deal. Some minority investors have expressed discontent with the offer price, which is 2% less than the stock's last closing price.

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