Elon Musk has wiped out 72% of Twitter’s value since taking over

2 Jan 2024

Fidelity has cut the valuation of its stake in Elon Musk’s X again, reflecting a 72% markdown since the billionaire bought the former Twitter Inc. a little more than a year ago.

The investment firm, which helped Musk complete the $44 billion purchase, cut the value of its holding in X by 19% in its November portfolio update for the Blue Chip Growth Fund, compared with a September filing, according to calculations by Bloomberg. It’s the latest in a series of markdowns by Fidelity since Musk concluded the acquisition of the social media platform in October 2022, as closely held X has struggled to hold on to advertisers and is weighed down by $13 billion in debt.