The Amount Of Money Fidelity Thinks X Is Worth Has Dropped By 79% Since Musk Bought It

A new estimate from investor Fidelity says that Elon Musk’s X is now worth less than a fifth of the $44 billion that was paid for it.

New information from Fidelity’s Blue Chip Growth Fund shows that the asset manager’s share in X is now worth about $4.19 million. This is because it helped Musk buy the social network that used to be called Twitter. The fund has lost 78.7% of the value of the shares it owns in X since the end of August.

According to regulatory records, Fidelity had first put $19.66 million into X through the Blue Chip Fund. It’s not the first time that Fidelity has lowered the value of its shares in X. Fidelity thought its shares in X were worth about $5.5 million at the end of July.

Also Read: Elon Musk’s Social Network X is Already a Partner in Xai, Which is Competing With Openai and is About to Close on $6b in Funding

Based on this 78.7% drop, Fidelity now thinks that X is worth about $9.4 billion all together. When asked for comments outside of business hours, Fidelity and X didn’t reply right away.

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