The social media platform formerly known as Twitter is now worth almost 80% less than it was when Elon Musk bought it two years ago, according to estimates from investment giant Fidelity, reported by Matt Egan for CNN.
As of the end of August, Fidelity valued its shares in X at just $4.2 million. I Photo: SamH29 Wikimedia Commons
X is no longer publicly traded after Musk purchased it for $44 billion and took it private in October 2022. However, Fidelity’s assessments of the value of its shares in X offer a closely watched indication of the company’s overall health.
As of the end of August, Fidelity valued its shares in X at just $4.2 million, based on a Sunday filing by its Blue Chip Growth Fund.
This represents a 24% decline from Fidelity’s valuation at the end of July and a massive 79% drop from the $19.66 million Fidelity estimated the shares were worth when Musk acquired Twitter in October 2022.
According to Fidelity’s new valuation, X is now worth just $9.4 billion—far below the $44 billion Musk paid.
Other investors may value X differently, but analysts suggest that Fidelity’s reduced valuation reflects shrinking advertising revenue at X, which no longer publishes quarterly financial data.
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