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 fraction of what they invested.
The report, which used numbers from the end of November, shows that X’s value has dropped by $31.46 billion since Musk bought it, setting its total worth at $12.54 billion.
This includes a whopping 10.7 percent drop in November alone, during which time Musk told boycotting advertisers to “go fuck yourself.”
.@elonmusk to corporations pulling ads from X:
“Don’t advertise. If someone is going to try to blackmail me with advertising, blackmail me with money, go fuck yourself. Go fuck yourself. Is that clear? I hope it is.” pic.twitter.com/GuhIHWjei9
— Greg Price (@greg_price11) November 29, 2023
Fidelity shared the devaluation of their X shares within the first month after Musk’s buyout. Their last calculation, reported by Breitbart News in late October, showed that the platform’s value had decreased by about 55 percent to $19 billion.
Axios noted that Fidelity “doesn’t necessarily have much, if any, inside information on X’s financial performance, despite being a shareholder in the privately held business,” so other shareholders “may value their X stock differently.”
The publication also reported that X competitor Meta had their stock valued with a 4.9 percent increase in November, while Snap Inc.’s, owner of Snapchat, shares climbed by 38.2 percent.