An effigy of Elon Musk is seen on a mobile device with the X and Twitter lgoso in the background in this photo illustration on 23 July, 2023 in Warsaw, Poland. (Photo by Jaap Arriens/NurPhoto via Getty Images) Elon Musk’s X, formerly known as Twitter, is now valued at only $12.54 billion just 14 months after the Tesla tycoon acquired the social media platform for $44 billion, according to numbers released by Fidelity Investments.
The financial investment corporation has again reported a mark-down in the value of its shares in X, which they originally purchased for $300 million to help Musk fund the purchase of Twitter in 2022.
Fidelity believes that X is worth 71.5 percent less than it did when Musk acquired it in October 2022, a disclosure obtained by Axios on Sunday said.
This means that Fidelity’s portion of the tech billionaire’s company is now worth just $85.5 million, a […]
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