Fidelity has again marked down its stake in Elon Musk’s social-media platform — known as Twitter throughout its 17-year history until being suddenly rechristened X by Musk last summer — which the Boston-based money manager helped Musk purchase for $44 billion late in the previous year.
Fidelity Blue Chip Growth Fund had valued its stake at nearly $20 million in October 2022, when Musk bought what is now known as X Holdings. But according to a November filing released on Dec. 30 and first reported by Axios, the stake’s value is now listed at $5,599,168.
That means Fidelity now believes its X Holdings stake is worth 71.5% less than when it was purchased. The financial company had made previous cuts to that valuation, most recently by 65% in October, according to Axios.
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