Thread: Down 80%: Fidelity says X has plummeted in value since Elon Musk's takeover

The valuation of social media platform X has dropped dramatically in the eyes of major investment firm Fidelity, according to multiple reports.

The market value of Fidelity Blue Chip Growth Fund's shares in the private company is estimated at $4.2 million, according to a monthly report released Sunday.

That's 79% less than the fund's estimate of its shares in October 2022 when Elon Musk took over Twitter, which were valued at $19.66 million. Applying the shares' relative decline to the total value of X when it was purchased would indicate a $9.4 billion overall valuation, a steep drop from the $44 billion that Musk paid in the acquisition.

TechCrunch first reported the new valuation. Other companies may value their shares in X differently.


X did not immediately respond to USA TODAY's inquiry.

https://www.msn.com/en-au/money/mark...er/ar-AA1rBcFs

Which is why he does everything he can to drive the trumpanzees into a frenzy: They're his only real revenue source now.