X, the social media site formerly known as Twitter that Elon Musk bought in October 2022 for 44 billion dollarsis now worth $9.4 billion, according to new assessments from Fidelity.
faithfulness noted below value of X by nearly 80% (78.7% to be exact) in its Blue Chip Growth Fund annual reportfiled on Saturday. The filing showed that Fidelity's initial investment of 19.66 million dollars in X shortly before Musk took over was worth $5.5 million as of July 31 Blue Chip Fund invests in established companies and aims for long-term growth.
Elon Musk. Photo Credit: Jon Shapley/Houston Chronicle via Getty Images
This is not the first rating cut X has received from Fidelity.
Related: Elon Musk is officially moving X from San Francisco: 'There's no choice'
In December, Fidelity revealed that X was valid 71.5% less than when Musk bought it, at a valuation of $12.5 billion. IN October 2023Fidelity valued X at $19 billion.
In September 2024 report media reactions from analytics company Kantar showed that over one in four (26%) marketing firms plan to cut ad spend on X next year, the biggest draw of any major social media platform. X also had the lowest overall percentage of marketers who thought ads on the platform were reliable and innovative compared to Instagram, YouTube and TikTok.
IN October 2023Apple, IBM and Disney pulled ads from X after an anti-Semitic post by Musk. They were the eleventh, fifth, and eighth largest advertisers on X.
Related: X is losing users and struggling to attract creators, according to new data