Musk bought Twitter for $44 billion last year, promising to restore the platform's vision of "free speech." According to estimates by investment fund Fidelity, one of the companies involved in the deal, Twitter is currently worth only a third of the $44 billion Musk paid for it last year.

Fidelity Investments estimated that Musk's stake in Twitter was worth just over $6.5 billion as of the end of April, compared with a valuation of $19.7 billion when Musk completed his acquisition of the company last October .

Musk bought Twitter last year promising to restore his vision of "free speech." Since then, he has made major changes to the platform's operations, causing a large number of advertisers to withdraw or reduce their advertising spending on the social network. Advertising still accounts for the majority of the company's revenue.

The world's richest man has carried out mass layoffs amid warnings that he could go bankrupt if he doesn't cut spending. In a March message to employees, Musk himself estimated that Twitter's market value had fallen to around $20 billion, less than half of the $44 billion he paid in October.

It is learned that the company has previously appointed Linda Yaccarino as its new CEO. Musk, who took office after the acquisition, chose an executive with extensive experience in the advertising field to lead business operations, while he will focus on product design and new technologies for social networks.

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