Fidelity Investments has further reduced the valuation of its shares in X Holdings, previously known as Twitter. This adjustment reflects a significant markdown since the company’s acquisition by Elon Musk for $44 billion.
The latest figures from Fidelity indicate a stark 71.5% decrease in the value of X from the time of purchase. Notably, this includes a 10.7% cut in valuation during November 2023 alone, a period marked by Musk’s controversial remarks to boycotting advertisers during a New York Times interview.
For context, Meta’s stock experienced a modest 4.9% increase in November, while Snap’s shares saw a remarkable surge of 38.2%.
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The decline in valuation follows an 8% reduction noted in September by Fidelity, which at the time saw the value of the social media platform reduced by 65% from its original purchase price.
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