Fidelity has cut X’s value by 79% since Musk purchase

Elon Musk’s X is now valued at less than a quarter of its $44 billion purchase price, according to a new estimate from investor Fidelity. 

The asset manager, which helped Musk acquire the social network formerly known as Twitter, has further reduced the value of its holding in X to a total markdown of 78.7% as of August’s end, based on newly released disclosures from Fidelity’s Blue Chip Growth Fund. 

The fund’s latest report indicates that it now values its stake in X at approximately $4.18 million. For context, Fidelity had initially invested $19.66 million in X through the Blue Chip Fund, as per regulatory filings. This isn’t the first time Fidelity has cut the value of its holding in X. As of July’s end, Fidelity valued its shares in X at about $5.5 million.

This 78.7% markdown implies that Fidelity is currently valuing X at about $9.4 billion overall. Fidelity and X didn’t immediately respond to a request made outside of business hours for comment.