San Francisco: American multinational finance service Fidelity Investments has significantly reduced the value of its stake in Elon Musk’s X.
According to media reports, social media platform X, which was bought by Elon Musk for $44 billion, is worth less than a quarter of its purchase price after Fidelity Investments’ shares fell.
According to reports, asset manager Fidelity Investments cut its investment in X by 78.7% as of the end of August, valuing X at about $9.4 billion, compared to its purchase price of $44 billion.
Fidelity Investments initially invested $19.66 million in X to help Musk acquire the platform, but since then the value of its shares has repeatedly declined.
The latest report shows that Fidelity now values its stake in X at $4.18 million, down from $5.5 million in July.
