Fidelity Slashes Value of Elon Musk's X to $9.4 Billion

Investment firm's latest valuation marks a 79% drop from the $44 billion Musk paid for the social media platform in 2022.

Fidelity's Blue Chip Growth Fund now values its stake in X at approximately $4.18 million, down from an initial $19.66 million investment.
The platform, formerly known as Twitter, has seen a significant decline in advertising revenue, losing around 50% since Musk's acquisition.
Fidelity has repeatedly reduced its valuation of X, with the latest markdown reflecting a 78.7% decrease.
Musk's rebranding and operational changes have led to advertiser exodus and user dissatisfaction, further impacting the company's financials.
Despite efforts to boost employee morale with stock grants, the company's future remains uncertain amid ongoing financial and operational challenges.