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Elon Musk's social platform, X, has seen its value drop significantly since its $44 billion acquisition, according to a fresh estimate from Fidelity. The asset manager's Blue Chip Growth Fund now appraises its stake in X, previously Twitter, at around $4.19 million, as per newly disclosed information. This marks a 78.7% reduction in value by the end of August.
Initially, Fidelity had invested $19.66 million in X through the same fund, based on regulatory documents. This isn’t the first cut Fidelity has made, as the firm valued its shares at approximately $5.5 million in July.
With this latest markdown, X’s total valuation stands at roughly $9.4 billion, assuming the original $44 billion valuation from the acquisition, which was financed by both debt and equity. Fidelity and X have both declined to comment on the matter.
Source: https://techcrunch.com/2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/
Initially, Fidelity had invested $19.66 million in X through the same fund, based on regulatory documents. This isn’t the first cut Fidelity has made, as the firm valued its shares at approximately $5.5 million in July.
With this latest markdown, X’s total valuation stands at roughly $9.4 billion, assuming the original $44 billion valuation from the acquisition, which was financed by both debt and equity. Fidelity and X have both declined to comment on the matter.
Source: https://techcrunch.com/2024/09/29/fidelity-has-cut-xs-value-by-79-since-musk-purchase/
