Fidelity Says X Now Worth Almost 80% Less Than Original $44B Value

Fidelity was an investor in Elon Musk’s purchase of X (formerly twitter) for $44 Billion. It invested $19.7 million then. However, based on recent filings, Fidelity now values its investment in X at about $4 million, representing a drop in value of almost 79%. The investment was made by its Blue Chip Growth Fund. Fidelity didn’t provide any reasons as to its write down of its valuation in X.