Fidelity cuts X’s valuation by 79% since Musk acquisition

Elon Musk’s X, formerly known as Twitter, is now valued at less than a quarter of its original $44 billion purchase price, according to a new assessment from investor Fidelity.

The asset management firm, which played a key role in helping Musk acquire the platform, has further reduced its valuation of X, marking down the value of its stake by 78.7% as of August.

Fidelity’s Blue Chip Growth Fund, which initially invested $19.66 million in X, now values its holding at approximately $4.18 million, again a significant drop from the $5.5 million valuation in July. This markdown implies that X's overall valuation stands at roughly $9.4 billion, a far cry from the $44 billion price tag when Musk took over.

Neither Fidelity nor X has commented on the valuation cuts.