X, the social media site formerly known as Twitter that Elon Musk bought in October 2022 for $44 billion, is now worth $9.4 billion, according to new estimates from Fidelity.
Fidelity marked down the value of X by nearly 80% (exactly 78.7%) in its Blue Chip Growth Fund annual report, filed Saturday. The filing showed that Fidelity’s initial investment of $19.66 million in X just before Musk took over was worth $5.5 million as of July 31. The Blue Chip fund invests in established companies and aims for long-term growth.
Elon Musk. Photo Credit: Jon Shapley/Houston Chronicle via Getty Images
This isn’t the first valuation cut X has received from Fidelity.
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