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BlockNews
Home BUSINESS

Fidelity Boosts Valuation of X Holdings Shares by 11% in December

Michael Juanico by Michael Juanico
January 29, 2024
in BUSINESS, INVESTING, MEDIA
Reading Time: 3 mins read
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  • Fidelity Investments recently revalued its Twitter shares up over 11% in December 2022, though still at a large discount to the purchase price when helping Elon Musk acquire Twitter.
  • The exact metrics Fidelity uses to value private company shares are unknown, but the increase may reflect Twitter’s publicly traded competitors rising or speculation around equity in Musk’s new AI company.
  • An ex-IRS contractor who leaked tax records of Trump and others was sentenced to 5 years in prison, as business leaders suggest AI advancements could help address global labor shortages despite concerns of displacing workers.

Fidelity Investments recently marked up the value of its shares in Twitter by over 11% in December 2022. This comes after the mutual fund giant helped Elon Musk acquire the social media platform for $44 billion in the fall.

JUST IN: Fidelity increased the valuation of its shares in X by 11% in December

— BlockNews.com (@blocknewsdotcom) January 29, 2024

Fidelity’s Valuation of Twitter

Fidelity still holds Twitter at around a 68% discount to its per-share purchase price last year. The exact metrics used by Fidelity to revalue private company shares are unknown. One possibility is that the increase reflects Twitter’s publicly traded competitors like Snap and Meta, which rose in December. Fidelity may also be accounting for speculation that existing Twitter investors could receive equity in Musk’s new AI company.

Other Key Developments

Progress Reported on Gaza Hostage Negotiations

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said this week that officials from the U.S., Qatar, Egypt and Israel made headway on talks around securing the release of hostages held by Hamas in Gaza. The first phase of a potential deal could include a six-week ceasefire and prisoner exchanges if Hamas agrees to a negotiation framework.

Former IRS Contractor Who Leaked Trump’s Taxes Sentenced

The ex-IRS contractor who leaked the tax records of former President Donald Trump and other wealthy Americans was sentenced to five years in prison on Monday. The leaks offered a rare glimpse into the confidential IRS data of the ultra-wealthy and how little they pay in taxes relative to income.

How AI Could Help Address Global Labor Shortages

Business leaders have suggested AI-driven productivity gains could help limit economic pain from demographic shifts. As computers grow more capable of human jobs, it raises concerns about displacing workers. But AI advancements may also curb labor shortages in aging societies.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Donald TrumpElon MuskFidelity investmentMetatwitter
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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