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 Elon Musk's X is now valued at less than a quarter of its $44 billion purchase price, according to Fidelity.
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Fidelity has cut its estimate of X’s value by 79% since Musk’s purchase
Manish Singh
9:34 PM PDT • September 29, 2024
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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.
This 78.7% markdown implies that Fidelity is currently valuing X at about $9.4 billion overall. (TechCrunch’s assessment assumes that Fidelity’s investment in X was made at a $44 billion valuation. The acquisition was financed through a combination of equity and debt.)
Fidelity declined to comment. X didn’t respond to a request for comment.
and liberals are the ones constantly called panicky alarmists.