Value of Elon Musk’s X cut by another fidelity writedown, shows report

Elon Musk’s X is now worth less than a third of the price the billionaire paid for the former Twitter Inc., according to Axios citing disclosures by Fidelity, which helped him complete the $44 billion purchase.

Fidelity cut by a further 11 per cent the value of its holding in X as of the end of November, the report said, citing the latest portfolio update for its Blue Chip Growth Fund. It extended a series of markdowns as the mutual fund firm gauged the value of the closely held ad-funded company that struggled to attract advertisers back in 2023.