The bear market hits Twitter: Elon Musk's $24.5 Billion Investment Down to $8 Billion
Twitter is now worth 33 percent of what Elon Musk paid for it.
It's been a tremendously difficult time for tech companies as the 2020 bear market continues to rumble on.
One company in particular that has suffered immense losses is Twitter, where the stock price has shrunk by an astonishing amount.
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The most staggering consequence of this market downturn has been Elon Musk's $24.5 billion investment in Twitter.
According to Mashable, ever since Elon Musk acquired Twitter for $44 billion last year, it's been a widely agreed upon stance that he greatly overpaid for the social media platform.
That puts Twitter's value at roughly $15 billion.
For those who don't know, Elon Musk's investment in Twitter dates back to the summer of 2016.
After a tumultuous journey with various highs and lows, Elon's stake in Twitter is now worth $8 billion a 67% decrease from his initial investment.
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While other stocks in the tech sector have seen similar losses, the sheer magnitude of Elon's loss is something to behold.
According to Fidelity, Twitter is now worth around 33 percent of what the billionaire originally paid for it.
This bear market, while a potential challenge for Twitter, has forced the company to really take a closer look at its business and make the hard choices needed in order to improve its stature.
This includes tailoring its services for users, finding the right business partners, and realigning its long-term goals- all measures that Twitter must take in order to strengthen its future.
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Main image attribution: Jaap Arriens/NurPhoto