Constancy has marked down the worth of Twitter/X by 65%

Mutual fund large Constancy wrote down the worth of its shares in Twitter/X by one other 8% in the course of the month of September, in response to a brand new disclosure.

By the numbers: Constancy, which contributed over $300 million to Elon Musk’s $44 billion takeover, decreased the worth of its funding by almost 65% over the primary eleven months.

• It elevated the worth of its shares for consecutive months earlier this yr, however that’s now the outlier.

Caveat: Constancy does not clarify the way it calculates its valuations for unlisted securities, and different Twitter/X shareholders might have totally different holding values.

• There’s hypothesis that it makes use of public market comps like Snap, though Snap shares misplaced 13.9% throughout September and solely round 10% over the related one-year interval.

The underside line: Twitter/X downloads and promoting income have each fallen considerably thus far beneath Musk, who has repeatedly admitted that he overpaid for the social media platform.