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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