Fidelity has slashed its valuation of Elon Musk’s X (formerly Twitter) by 78.7%, reducing its stake to just $4.19 million, down from an initial $19.66 million investment. This markdown now values X at about $9.4 billion, significantly lower than its $44 billion purchase price.
- Fidelity previously valued its shares at $5.5 million in July.
- X’s overall value now stands at less than a quarter of what Musk paid in 2022.
- Both X and Fidelity declined to comment on the reduced valuation.
The steep drop reflects the challenges X has faced under Musk’s leadership.
