California (TDI): The value of X is now less than 25% of Elon Musk’s $44 billion purchase price.
Fidelity Investments has drastically lowered the worth of its share in X, the social media network formerly known as Twitter.
The asset management reduced its stake in it by 78.7% at the end of August, valuing the company at approximately $9.4 billion, according to Fidelity’s Blue Chip Growth Fund reports
Fidelity helped Musk acquire the platform by first investing $19.66 million in X, but since then, the value of its stakes has reduced several times.
Also read: Brazil’s High Court to Review Elon Musk’s X Ban Soon
Fidelity’s stake in X is currently valued at $4.18 million, down from $5.5 million in July, per the fund’s most recent report.
This decline is part of X’s ongoing devaluation pattern as it struggles to make money and keep its user base in the face of Musk’s ownership.
Also read: Musk Should Face Sanctions, Arrest: ex-Twitter Chief
In light of Musk’s significant rebranding and operational modifications, Fidelity’s financial evaluation shows rising concerns about X’s capacity to bounce back from its present financial trajectory.
