Elon Musk's X is now valued at less than a quarter of its $44 billion purchase price, according to new estimates from investor Fidelity.
The asset management firm that helped Mr. Musk buy the social network formerly known as Twitter valued its holdings in X shares at the end of August, based on newly released disclosures from Fidelity's blue-chip growth fund. With further reductions, the total price reduction rate reached 78.7%.
According to the fund's latest report, the fund currently values X shares at approximately $4.18 million. For context, Fidelity originally invested $19.66 million in X through its Blue Chip Fund, according to regulatory filings. This is not the first time Fidelity has reduced the value of its holdings in X stock. At the end of July, Fidelity's X shares were valued at about $5.5 million.
This 78.7% discount means that Fidelity now values X at approximately $9.4 billion overall. Fidelity and X did not immediately respond to requests for comment outside business hours.