Investment Firm Fidelity Cuts X's Valuation to $9.4 Billion, Down 79% Since Musk's Purchase: TechCrunch

Sep 30, 2024, 10:14 AM

Investment firm Fidelity has significantly reduced the valuation of X, the social media platform purchased by Elon Musk, by 79%. According to new disclosures, Fidelity now values X at approximately $9.4 billion, a stark contrast to the $44 billion Musk paid for the platform two years ago. Fidelity's stake in X is currently valued at around $4.185 million, down from $5.5 million in July and $6.27 million at the end of 2023. This reduction, reported by TechCrunch, highlights the financial challenges faced by X since Musk's acquisition.