Elon Musk’s X gets another valuation cut from Fidelity

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, Axios reported on Sunday.

Fidelity believes that X is worth 71.5% less than at the time of purchase, the report added, citing a new disclosure that runs through the end of November 2023.