Fidelity marks down the value of Twitter stake again
According to a monthly declaration released by the investment company on Sunday, a Fidelity fund has reduced the worth of its holding in Twitter for the third time after Elon Musk paid a total of $44 billion to acquire the social networking site in October.
As of April 28, the market value of the interest of Fidelity Blue Chip Growth Fund in Twitter, which is currently managed by Musk’s X Holdings Corporation, was close to 6.55 million dollars, down from 7.8 million dollars on January 31 and relatively close to 8.63 million dollars at the end of November.
As Twitter is struggling to recover from a decline in revenue from advertising alongside navigating a reorganization that entailed large job cuts, Musk selected previous NBCUniversal advertising head Linda Yaccarino as the brand’s new chief executive officer of Twitter a few weeks ago.
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Elon Musk would be shocked to learn that over fifty percent of the original Twitter Blue customers who paid eight dollars each month are currently not subscribing and have stopped using the Blue Ticks.
Out of the initial 150,000 or more Twitter Blue users, merely around 68,157 have persisted in keeping their paid memberships as of April 30 based on a Mashable report.
According to the study, few Twitter Blue subscribers continue about after signing up, using data gathered by freelance researcher Travis Brown.
The report’s statistics have not yet received any comments from Musk or Twitter.
A total of 150,000 people initially subscribed to Twitter Blue during a short period after its November rollout, according to reports from the previous year.
The micro-blogging platform also temporarily disabled new signups for about a month “shortly after those users subscribed as a result of accounts signing up for Blue with the intent to impersonate major brands on the platform”.
Source: economictimes.indiatimes.com
The survey concludes that around 81,843 people, or 54.3 percent, of those using Twitter who first enrolled for Blue, have terminated their subscriptions.
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Additionally, 2,270 premium Twitter Blue members who have no followers at all were counted.
As reported by Brown, there are at present 444,435 paid customers to Twitter Blue. Nearly 220,132 people, or roughly fifty percent of all paid Twitter customers, have fewer than 1,000 followers.
On April 20, when Musk eventually deleted all historical, verified profiles with blue tick marks but permitted select celebs to keep them, chaos reigned on Twitter.
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