Fidelity Says Elon Musk’s X Has Lost 79% Of Its Value Since He Took Over, Now Worth Less Than $10 Billion

Fidelity Investment decreased its stake in Elon Musk‘s social media platform X, formerly Twitter, revealing a sharp decline since his acquisition of the site in 2022.

Recent disclosures from the firm show that Fidelity’s stake in X is worth roughly $4.19 million, pricing the company at under $10 billion. The new filing shows a drastic drop from the $19.6 million holding Fidelity initially invested before Musk’s ownership resulted in a 79% value reduction.

Throughout 2024, Fidelity has repeatedly tried to reduce its stake in the platform. In January, the firm shed the value of its shares by 10.2%, followed by another 5.7% in February.

Musk purchased X for $44 billion, though the site’s revenue has plummeted by 50% since. The tech mogul attributes this reality to a “massive decline” in advertising, but critics of the new platform have also cited functional changes and its amplification of misinformation. 

Musk has allowed users previously banned for hate speech back on the platform, alarming advertisers. 

In September, Tesla investor Ross Gerber told The Washington Post that Musk had succeeded in ruining X and gave Musk a six-month deadline to increase Tesla’s stock value before he pulls his business.

“Elon’s done a tremendous amount of wealth destruction since he’s purchased Twitter,” Gerber said. “For the people who put capital into [Elon] for any amount, trying to explain to people how he lost [so much money] is not a fun conversation.”