According to the latest valuation from consulting firm Fidelity, the value of Internet company X (Twitter), owned by Elon Muskdropped to less than a quarter of the original purchase price of $44 billion. This was reported by TechCrunch, Day.Az reports with reference to Gazeta.ru.
That estimate is based on recently released data from Fidelity’s Blue Chip Growth Fund, which cut the value of its stake in X by 78.7% as of the end of August. By comparison, Fidelity initially invested $19.66 million in X through a blue-chip fund.
This is not the first time that Fidelity’s stake in X has declined in value. Previously, as of the end of July, Fidelity valued its shares in X at approximately $5.5 million. The 78.7% decline means that Fidelity now values X as a whole at approximately at $9.4 billion.
X is an American technology company that develops a social network of the same name. It used to be called Twitter, but changed its name after a restructuring carried out by the company’s current owner, Elon Musk. Elon Musk bought Twitter on October 27, 2022.