Investment giant delivers more shocks to Elon Musk

Investment Giant Fidelity Estimates Elon Musk’s X Shares Dropped by 71.5%

According to a recent securities filing, investment giant Fidelity believes that shares owned by X, the platform formerly known as Twitter, are worth 71.5 percent less than when Elon Musk first acquired the social media company in October 2022.

The information reported by Fidelity estimated that the value of Musk’s X shares had fallen to just under $5.6 million, down from the $6.55 million reported last April. This represented a significant drop of 14.5 percent from the $19.66 million the Fidelity fund said its shares were worth around the time Musk completed the acquisition of Twitter.

Fidelity also disclosed that its shares in X represented less than 0.01 percent of the fund’s total value, which is reported to be more than $49 billion.

The investment firm had previously increased X’s estimated value during Linda Yaccarino’s tenure as X’s CEO last summer, but it has continued to reduce the estimated value of its shares since then.

As X is a private company, Fidelity’s forecasts are closely watched as an indicator of the company’s health.

Global markets had a negative start to the new year, and it remains to be seen how these developments will impact Musk’s investments and X’s future prospects.

 

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