Mutual Fund Values X At 29% Of Musk’s Purchase Price

Axios reports:

Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.

Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).

This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to “go f**k yourself” during an on-stage interview with the New York Times.

Read the full article.

Fidelity believes that Elon Musk’s X is worth 71.5% less than at the time of purchase, according to a new disclosure. This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to “go f**k yourself.” https://t.co/x92fTW0uER

— Axios (@axios) December 31, 2023