Elon Musk's X worth 71.5% less than it was when he bought the platform in 2022, Fidelity says
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X, the social media platform formerly known as Twitter, is now worth an estimated 71.5% less than it was when Elon Musk purchased the platform in Oct. 2022 , according to a Fidelity securities filing dated Dec. 30, 2023. The asset management firm, which owns an equity stake in the company under X Holdings Corp., previously slashed X's valuation to a third of Musk's $44 billion purchase price in May of last year. The new valuation from Fidelity's Blue Chip Growth Fund , which reported data through Nov. 30, 2023, estimates that its shares of X are worth $5.3 million — down from an estimated $6.3 million in October and far from the $19.66 million valuation of its stake just prior to Musk's takeover. Elon Musk speaks onstage during The New York Times Dealbook Summit 2023 on November 29, 2023, in New York City. Slaven Vlasic/Getty Images for The New York Times