According to Fidelity, the value of X fell 3.5 times
According to Fidelity's valuation, Elon Musk's social network X is worth about 71.5% less than when Musk bought the company (then Twitter) in October 2022.
Fidelity's Blue Chip Growth Fund has a relatively small stake in X. The fund's stake was $5.6 million as of November 30, 2023. At the same time, the share was initially estimated at $19.7 million.
If you take into account the $44 billion that Musk paid for Twitter, Fidelity's valuation puts Company X's value at about $12.5 billion today. In October, X reportedly valued itself at about $19 billion, based on the value of stock grants given to employees.
Since Musk has taken Twitter private, the company's value and earnings have become harder to track. As Axios notes, Fidelity doesn't necessarily have much, if any, inside information about X's financial performance, despite being a shareholder in a privately held business. Other shareholders may value their X shares differently».
Musk has had trouble retaining advertisers, largely due to his approach to content moderation. Musk fired most of the company's employees shortly after taking over.
The head of SpaceX and Tesla, Elon Musk, on the social network X named the biggest problem of humanity, and also showed new satellites that will provide communications to any smartphone anywhere in the world.