According to an estimate by Fidelity, Twitter’s value has dropped to approximately $15 billion, which is about a third of the $44 billion Elon Musk and co-investors paid for the platform in October last year.
Fidelity was part of a group of outside investors that contributed over $316 million to the Twitter acquisition. This marks the fourth time since the acquisition that Fidelity has revised down its estimated value for Twitter.
According to Media Post, as of April 28, the Fidelity Blue Chip Growth Fund’s stake in Twitter, now under Musk X Holdings Corp., was valued at nearly $6.55 million. This is a decrease from $7.8 million as of January 31 and approximately $8.63 million at the end of November 2022.
Twitter has faced challenges in retaining major advertisers due to concerns about brand safety, as Musk has rejected most content moderation efforts. Recently, Twitter further diverged from content moderation practices by withdrawing from the European Union’s Code of Practice, which aims to combat disinformation and fake news. Twitter’s decision aligns with Musk’s inclination for reduced regulation while supporting increased transparency in political advertising for major online platforms.
To generate revenue, Twitter introduced Twitter Blue subscriptions, but as of the end of March, only 1% of monthly users had subscribed.
It’s important to note that Fidelity’s latest valuation estimate does not include the potential positive impacts of Linda Yaccarino, former NBCUniversal advertising chief, being named as Twitter’s new CEO by Musk. The May activities are not reflected in the valuation.
Twitter has not provided a comment on Fidelity’s report.
Musk’s personal investment of over $25 billion, which secured an estimated 79% ownership of Twitter, is now valued at $8.8 billion, based on Fidelity’s new estimate. This represents an $850 million decrease in Musk’s total worth, which currently stands at around $187 billion, largely driven by a 63% surge in Tesla stock this year, as reported by Bloomberg.
Maddy Troy serves as a writer and editor for Barrett News Media, with a specific focus on media business, advertising, and podcasting. You can find her on Twitter @Troy_Maddy.
Tom Tradup Named Contributing Editor of All Israel News
Salem Radio Network Vice President Tom Tradup has been hired as Contributing Editor of All Israel News, the publication has announced.
In his new role, Tradup will coach the outlet’s writers and editors, and will also provide a weekly column about Israel, the Arab world, and U.S. policy in the Middle East.
“I could not be more thrilled that Tom Tradup has agreed to help All Israel News publish more great content and dramatically expand our traffic, reach, and influence,” founder Joel C. Rosenberg said.
Tradup will continue in his full-time role at Salem Radio Network, in addition to his new role with All Israel News.
“I’m honored to work with Joel Rosenberg and his awesome team. Given that they only launched on September 1, 2020, I’m astonished by just how much they’ve accomplished. They’re breaking stories that are getting picked up by much larger American and Israeli news outlets. They’re getting exclusive interviews with the most powerful leaders in Israel and the Arab world,” said Tradup.
“Also, they’re providing the best daily online coverage of what’s happening with Christians in Israel and the broader Middle East. TBN loves their work and has created a prime-time TV show with Joel as anchor and executive producer. And Joel is being interviewed by Fox News, Newsmax, the Jerusalem Post, and so many other major media outlets because of his expertise and unique perspective on the region.
“Clearly, the Lord is doing something very special here, and at this pivotal moment in history, I’m really looking forward to helping Joel and his colleagues build on this successful foundation and create exciting new content that educates Evangelical Christians about what’s happening in Israel and the region from a distinctly Biblical worldview.”
NAB CEO Curtis Legeyt Applauds Court Decision to Complete Quadrennial Review
“This ruling is an important step to compel a review that the record makes clear is necessary to allow local broadcasters to more fairly compete and deliver our trusted, locally-focused programming in a transformed media marketplace.”
A U.S. Court of Appeals has handed down a decision providing the FCC 90 days to complete the 2018 quadrennial review. The NAB has shared their pleasure with the decision.
“NAB applauds the Court for recognizing the vital importance of the FCC completing its long overdue 2018 quadrennial review. Today, broadcasters’ service to communities across the country is imperiled by the Commission’s failure to modernize its decades-old media ownership rules,” NAB President and CEO Curtis LeGeyt said. “This ruling is an important step to compel a review that the record makes clear is necessary to allow local broadcasters to more fairly compete and deliver our trusted, locally-focused programming in a transformed media marketplace.”
Earlier this year, the NAB threatened to sue the FCC if it did not respond to a request to postpone the 2022 review until the 2018 review was completed. FCC Jessica Rosenworcel subsequently shared that changes to the commission’s ownership rules were still a work in progress, despite the legal challenges facing the quadrennial review.
However, the broadcaster group has shared its intention of working together with the FCC to find a resolution.
“NAB looks forward to actively engaging with the FCC to forge a path forward and reinforce the essential service provided by free, local broadcast stations in communities across the country.”
X Will Be Turning a Profit in 2024 Says CEO Linda Yaccarino
“90% of the top 100 advertisers have returned to the platform in the last 12 weeks alone.”
The profitability of X, formerly Twitter, has been a hot topic since the social media platform was purchased by billionaire Elon Musk. His hand-picked CEO, Linda Yaccarino, says the company will be in the black in 2024.
While appearing at the Code Conference, Yaccarino said that since she has taken on the role of CEO, she know sees a path to profitability for the company.
“Now that I have immersed myself in the business, and we have a good set of eyes on what is predictable, what’s coming is that it looks like in early ’24, we will be turning a profit,” Yaccarino said.
During the interview, which has been labeled by observers as “odd” and “uncomfortable, Yaccarino claimed, “90% of the top 100 advertisers have returned to the platform in the last 12 weeks alone.”
In its first 13 years of operation, the social media company has yet to turn a profit. However, the insinuation of profitability by Yaccarino isn’t the first time she’s claimed the company was close to being in the black. In an interview with CNBC in August, she said the platform was “pretty close to breakeven”.
Yaccarino added that she views X as “a new company”, saying it’s a “new day”. She continued by noting that her belief is X is “building a foundation on expression and freedom of speech”, whereas Twitter was “operating on different sets of rules…different philosophies and ideologies that were creeping down the road of censorship”.