Elon Musk's X continues to plummet in value

Elon Musk’s X, formerly known as Twitter, has suffered further ignominy after investment giant Fidelity has once again downgraded its valuation of the social media platform.

According to a new securities filing, Fidelity believes the shares it holds of X are now worth 71.5 per cent less than when Musk completed his $44 billion takeover in October 2022.

The filing from the Blue Chip Growth Fund, which is worth more than $49 billion, was dated 30 December and reported information through 30 November. The shares in X, which represent less than .01 per cent of the fund’s total value, are worth less than $5.6 million – a significant decrease from the $19.66 million it was worth around the time of Musk’s takeover.

Fidelity has consistently cut the estimated value of its X shares, which were worth $6.55 million in April 2023.

X was taken private by Musk following his acquisition, leading Fidelity’s estimates to become a closely watched indicator of the company’s health and investor attitudes towards the controversial owner.

Based on Fidelity’s estimates, X is now worth around $12.5 billion.



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