Fidelity reported in a filing that its stake was worth $6.55 million as of late April.Musk’s acquisition of Twitter was a lengthy transaction for the company, as it adopted a poison pill defense commonly used to ward off hostile takeovers by diluting shares. The then-public company’s stock had significantly declined in the year leading up to Musk taking it private through his purchase.
After the buyout, Twitter’s revenue fell by 50% due to a “massive decline” in advertising, according to Musk, who also warned staffers the company could go bankrupt without significant subscription revenue. Tesla shareholders were concerned Musk’s position as Twitter CEO was distracting him from issues hindering the electric automaker. Earlier this month, Musk announced NBCUniversal advertising chief Linda Yaccarino would soon take over as CEO.
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