Fidelity has cut its estimate of X’s value by 79% since Musk’s purchase

Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price, according to a new estimate from investor Fidelity.  The asset manager’s Blue Chip Growth Fund now values its stake in X, formerly known as Twitter, at approximately $4.19 million, based on newly released disclosures from Fidelity’s Blue Chip Growth Fund. The firm’s unit has reduced the value of its holding in X by a total of 78.7% as of August end. For context, Fidelity had initially invested $19.66 million in X through the Blue Chip Fund, as per regulatory filings. This isn’t the first time Fidelity has cut the value of its holding in X. As of July’s end, Fidelity had valued its shares in X at about $5.5 million.

via techcrunch: Fidelity has cut its estimate of X’s value by 79% since Musk’s purchase

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