Fidelity Estimates That X Is Now Worth 71.5% Less Than It Was When Musk Bought It

X, the social media platform formerly known as Twitter, is now worth an estimated 71.5% less than it was when Elon Musk purchased the platform in Oct. 2022, according to a Fidelity securities filing dated Dec. 30, 2023.

The asset management firm, which owns an equity stake in the company under X Holdings Corp., previously slashed X’s valuation to a third of Musk’s $44 billion purchase price in May of last year.

The new valuation from Fidelity’s Blue Chip Growth Fund, which reported data through Nov. 30, 2023, estimates that its shares of X are worth $5.3 million — down from an estimated $6.3 million in October and far from the $19.66 million valuation of its stake just prior to Musk’s takeover.

Read the source article at CBS News