Twitter now worth just 33% of Elon Musk’s purchase price

The latest markdown erases about $850 million from Musk’s $187 billion fortune

Twitter is now worth just one-third of what Elon Musk paid for the social-media platform, according to Fidelity, which recently marked down the value of its stake in the company.

Musk, who has acknowledged he overpaid for Twitter, offered employees new equity grants earlier this year that valued the company at $20 billion. It’s unclear how Fidelity arrived at its new valuation or whether it receives any non-public information from the company.

Fidelity first reduced ...