Fidelity Marks Down X Value by 79% to $9.4 Billion
Fidelity now estimates X is worth roughly $9.4 billion, a massive 79% drop from Elon Musk's $44 billion purchase price. The asset manager continues to slash the value of its social media investment amid ongoing financial uncertainty.
Fidelity drastically reduces its estimated value of X, formerly known as Twitter, by 78.7% as of the end of August. This significant markdown puts the social media platform's overall valuation at approximately $9.4 billion, which is less than a quarter of the $44 billion Elon Musk pays to acquire the company.
The asset manager's Blue Chip Growth Fund currently values its specific stake in X at about $4.19 million, a sharp decline from its initial investment of $19.66 million. This represents another downward adjustment for Fidelity, which already values its shares at $5.5 million at the end of July.
Neither Fidelity nor X responds to requests for comment regarding this latest financial assessment. The continued devaluation highlights the ongoing financial struggles and market skepticism surrounding the social network since its high-profile acquisition.