Fidelity’s X Stake Fell 72% in Value Since Musk Buy
- Fidelity cut value of its X stake by 19% in November update
- X revenue from ad sales estimated to come in below prior rate
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Elon Musk’s X is now worth less than one-third of what the billionaire paid for the company formerly known as Twitter Inc., based on a recent estimate from investor Fidelity.
The firm, which helped Musk complete his $44 billion purchase, cut the value of its holding in X by 19% in its November portfolio update for the Blue Chip Growth Fund, compared with a September filing, according to calculations by Bloomberg. It’s the latest in a series of markdowns by Fidelity since Musk concluded the acquisition of the social media platform in October 2022, as closely held X has struggled to hold on to advertisers and is weighed down by $13 billion in debt.