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Politics : Formerly About Advanced Micro Devices
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From: zax9/30/2024 11:55:21 AM
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Elon Musk’s X Is Now Worth Around A Fifth Of The $44 Billion He Paid For It, Fidelity Says


Elon Musk’s X is worth a little more than one-fifth of the $44 billion he paid to acquire the social media platform formerly known as Twitter, according to Fidelity, the latest in a series of valuation cuts by Fidelity since Musk’s takeover in 2022.

Fidelity’s stake in X is now worth about $4.19 million, an estimate that values X at $9.4 billion, according to recent disclosures from Fidelity.

Fidelity’s initial $19.6 million holding from before Musk purchased X in October 2022 has been reduced by nearly 79% as of the end of August, the company said.

The investment firm has reduced the value of its stake multiple times this year: Fidelity marked down the value of its shares by 10.2% in January and another 5.7% in February, despite increasing its estimates by 11% in December.

X did not immediately respond to a request for comment from Forbes.

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