Elon Musk and co-investors bought Twitter for $44 billion last year.
Although Musk admitted that the price was excessive, he still bought about 79 percent of the company, using $25 billion of his own capital.
Fidelity, on the other hand, announced that Musk has been debt-financed to turn Twitter into a private company, starting in October.
“Twitter is estimated to be worth $15 billion”
According to a financial statement submitted by the Fidelity Blue Chip Growth Fund in April, the company has reduced its stake in Twitter and estimated the social media platform is currently worth about $15 billion.
Musk has also made significant cuts to the company’s workforce since taking over Twitter, and announced that shortly after the deal is complete, about half of the company’s 7,500-strong workforce will be affected.
According to The Wall Street Journal, in March, Musk offered Twitter employees stock options worth $20 billion at less than half the purchase price of the company.
At the time, Musk said in an email to employees, “I think I see a rough road to a valuation of over $250 billion.”